Gold inventory in the streetTRACKS Gold Shares (GLD) exchange traded fund (ETF) are at an all-time high.
The new high of 655 tonnes passes the previous record, set on Jan. 15 with 653 tons, reports Tim Iacono for Seeking Alpha. Back then, backers were hunting around for storage space to accommodate all the gold. My garage is still available, guys.
GLD is the larger of the two gold funds, with $19,967 billion in assets. The other fund, iShares COMEX Gold Trust (IAU), has $1.9 billion in assets.
GLD was launched on Nov. 18, 2004, just two months before IAU, which launched on Jan. 21, 2005. The wide difference in assets illustrates a general rule that the first fund to market often gathers up the most assets.
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.