Gold futures traded as high as $1,780 an ounce on Tuesday as exchange traded funds that invest in the precious metal were set to extend their winning streak with all eyes on the Federal Reserve meeting and statement.
Gold ETFs such as SPDR Gold Shares (NYSEArca: GLD), iShares Gold Trust (NYSEArca: IAU) and ETFS Physical Swiss Gold Shares (NYSEArca: SGOL) are up more than 20% so far this year and were poised to build on those gains Tuesday. Gold futures were hovering above $1,750 an ounce at last check ahead of the FOMC statement.
Metals ETFs have attracted a lot of investor interest so far this year.
Gold ETFs hold about $79 billion worth of gold bullion stored in vaults, according to a recent note from Nicholas Colas, ConvergEx Group chief market strategist. Combined, the top three gold ETFs hold enough gold to rival the top 10 central banks in the world. [Gold ETFs Continue to Run.]
- SPDR Gold Shares (NYSEArca: GLD) experienced net inflows of $998 million year-to-date.
- iShares Gold Trust (NYSEArca: IAU) saw inflows of $3.3 billion.
- ETFS Physical Swiss Gold Shares (NYSEArca: SGOL) has gained $610 million in new assets.
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ETFS Physical Swiss Gold Shares
Max Chen contributed to this article.
Full disclosure: Tom Lydon’s clients own GLD.
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