The top gold exchange traded fund (ETF) experienced its largest-ever three-day decline in its physical holdings.
streetTRACKS Gold Shares (GLD) is the world’s biggest and oldest gold-focused ETF. Between April 21 and 24, a company that tracks aggregate gold ounces under management noted that redemptions in the fund represented 6% of all the gold held by the five major gold ETFs. Blame the rejuvenated dollar, in part.
The fund hit a record price in mid-March, but is now trading 12.5% below that mark, reports Barry Sergeant for Mineweb. GLD is not alone, though. Since early March, the world’s dozed top listed gold names are trading at an average of almost 25% off their highs.