Gold ETF Sees Big Weekly Inflow on 3% Rally
August 24th at 10:24am by John Spence
Investors have been shoveling cash into the largest gold ETF on speculation central banks are gearing up to launch additional stimulus to support financial markets.
SPDR Gold Shares (NYSEArca: GLD) was the top-selling ETF for the week ended Aug. 22 with inflows of $1.3 billion, Reuters reports.
The gold ETFs’ weekly inflow was the 11th largest in its history and the highest since November 2011, according to the article. [Beyond GLD: Gold ETFs to Play the Breakout]
“Investors bought SPDR Gold Fund shares ahead of the Fed minutes to capitalize on inflation pressures that could be expected to boost gold, which is priced in dollars,” Reuters reported. [Gold ETF Investors Buying the Breakout]
GLD was on track for a weekly advance of more than 3%.
SPDR Gold Shares
Full disclosure: Tom Lydon’s clients own GLD.
The opinions and forecasts expressed herein are solely those of John Spence, and may not actually come to pass. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product.