streetTRACKS might be calling off the hunt for more storage space for all the gold after the redemptions of its exchange traded fund (ETF) this week.
streetTRACKS Gold Shares (GLD) had redemptions of 21.51 tons of gold on Wednesday, reports Simon Constable for TheStreet. The sell-off sparked the largest ever one-day decline for the fund. At one point, gold futures had fallen more than 3%. iShares COMEX Gold Trust (IAU) also ended the day down, losing 1.8%. IAU is much smaller than GLD, however, and holds 58 tons of gold bars to GLD’s 631.
This morning, gold saw a little rebound after Federal Reserve Chairman Ben Bernanke’s testimony before Congress, reports Atul Prakash for Reuters.
The opinions and forecasts expressed herein are solely those of Tom Lydon, 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.