Investors poured more than $3 billion into the world’s largest gold exchange traded fund last month as the amount of bullion held in ETFs lingers near record highs.
SPDR Gold Shares (NYSEArca: GLD) saw net cash inflows of $3.1 billion in November to lead all ETFs, according to National Stock Exchange data. [ETFs See November Outflows; Gold Fund Adds $3 Billion]
The $71 billion gold ETF gathered its biggest monthly flow so far this year, the Financial Times reports. Holdings in exchange-traded products backed by gold reached a record 2,356 tons on Nov. 30, according to Bloomberg.
Gold ETFs are up more than 20% this year although it’s been a bumpy ride. [Gold ETFs Up 20% This Year Despite Big Swings]
Gold and other precious metals could see big moves this week as European leaders meet to address the region’s debt conflagration.
From a chart standpoint, gold ETFs seem to be dealing with trendline resistance. [A Technical Look at Gold and Silver ETFs]