Where does it End?
Posted on Tuesday, February 17th, 2009 | In Gold MarketsMorning Coffee, Canaccord Capital (02/17/2009)
SPDR Gold Trust (GLD: US$92.55), Net Change: -0.62,% Change: -0.67%, Volume: 14,717,061 Where does it end? The SPDR Gold Trust finished off a huge week by added another 15.3 metric tonnes (mt) of gold on Friday to hold 985.9 mt – another record. For the week, the ETF has added 118.67 mt of gold. The SPDR Gold Trust is now the second largest ETF in the U.S. – the largest being the SPDR S&P 500. It’s not just the SPDR Gold Trust that is attracting major investor interest. According to the Age, assets other gold ETFs touched all-time highs last Friday: ETF Securities’ Physical Gold fund rose to 2.299 million ounces and Zuercher Kantonalbank’s fund has record assets of 3.734 million ounces.
Commodity market watcher Dennis Gartman put it best when he said last week, “. . .We are a bit concerned about the speculative enthusiasm that has swept the gold market in the past two weeks, noting that massive increase in the sums associated with GLD. The ETF’s gold hoard has been leaping by tens of tonnes of gold each day for much of the past week. 20 tonnes one day; 30 tonnes the next; 10 the next; 35 the next. . .It is nothing short of fascinating in our opinion, and it shows the longer term fundamental strength of the gold market as gold from the world’s collective mines is taken up by the public and swept away from the market. It is impressive indeed.” According to the World Gold Council, ETFs and similar products include: LyxOR Gold Bullion Securities, Gold Bullion Securities (Australia), SPDR Gold Shares, NewGold Gold Debentures, iShares Comex Gold Trust, ZKB Gold ETF, GOLDIST, ETF Securities, XETRA-GOLD, Central Fund of Canada (CEF.A) and Central Gold Trust (GTU.UN).
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