May 22, 2007 at 1:04 pm by Tom Lydon
The world’s largest gold-backed exchange traded fund (ETF), streetTRACKs Gold Shares (GLD), has reduced the amount bullion it holds by more than 3%, due to weaker prices. Frank Tang for Reuters says analysts are warning any continued outflow could be an indication of ongoing liquidation in the gold market. GLD accounted for more than 80% of the metal held by ETFs. With recent declines in gold ETFs, GLD is the only one to sell bullion. GLD is up 4% for the year.
Tags: GLD, Metals & Mining
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