September 25, 2008 at 11:00 am by Tom Lydon
The world’s largest gold exchange traded fund (ETF) hit a record number of holdings on Tuesday.
The SPDR Gold Shares (GLD) jumped 2% to a high of 724.94 tons, an uptrend that gathered steam when Lehman Brothers filed for bankruptcy last week, reports Lewa Pardomuan for Reuters. Since that filing, the trust has seen its holdings increase by at least 18%. On Monday, the metal hit a seven-week high of $908.80.
Before that, gold had been falling sharply, hitting a nearly yearlong low of $736 on Sept. 11.
Right now, though, gold and silver are having trouble finding new buying interest to break their respective upside targets of $920 and $14, says one expert.
Other affected ETFs include:
- PowerShares DB Gold (DGL), up 3.9% year-to-date
- iShares COMEX Silver Trust (SLV), down 10.9% year-to-date
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