Gold ETFs Shed $36 Billion on Outflows, Price Slump
April 25th 2013 at 12:02pm by John Spence
SPDR Gold Shares (NYSEArca: GLD) has experienced outflows of nearly $13 billion this year as the metal’s sell-off has sent many investors fleeing from bullion-backed ETFs.
Overall holdings in gold exchange traded products has fallen by 13% so far in 2013 to 2,299 tons, according to Bloomberg.
The redemptions combined with gold’s price declined have shaved $36 billion in value from gold ETFs.
GLD is the largest gold ETF with 1,093 metric tons of gold and $50.2 billion in assets.
That is down from about 1,351 tons valued at $72.2 billion at the end of 2012.
The gold fund’s price is off about 15% year to date. [Gold ETFs Still Bleeding Assets Despite Price Rebound]
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