Wikinvest Wire

Gold ETF sheds more bullion

Friday, July 24, 2009

The number of "tonnes in the trust" at the SPDR Gold Shares ETF (NYSEArca:GLD) has continued to decline gradually in recent weeks, most recently, as the gold price rose.
IMAGE A total net reduction of 47 tonnes has occurred since a peak was reached back in early-June, however, about a quarter of this can be attributed to hedge fund manager David Einhorn swapping his GLD shares for the real thing a short time ago. According to this report at Hard Assets Investor, Mr. Einhorn sold almost $400 million in GLD shares, more than 10 tonnes.

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