Gold ETF Needs More Storage Space
January 14th at 11:00am by Tom Lydon
streetTRACKS Gold Shares (GLD) exchange traded fund (ETF) has been a popular fund lately as it’s raking in investors’ cash. Now backers are racing around to find a bigger vault to accommodate the horde.
The stockpile is now valued at $18 billion and surging gold prices and investor demand are driving this frenzy further. GLD’s holdings now surpass those of China and other sovereign nations. John Spence for MarketWatch explains that this rally in precious metals knows no boundaries as gold futures continue to rise. On Friday, prices topped $900 an ounce.
Investors in GLD are sitting pretty, as the fund was a top performer in 2007 and it gained 20% during the past three months. Now, the only problem remains as to where to store all of this gold.
I cleaned out my garage last summer, so I suspect there’s some room in there…
