The amount of gold held for investment reasons has multiplied and gold ETFs now hold 81 million ounces of gold, or up $54 million over the past 5 years. Since more gold is circulating there is less supply and more upward pressure on prices. [ETFs and the Presidential Election]
The largest gold ETF, SPDR Gold Shares (NYSEArca: GLD), has gained about 13% over the past quarter, and holds $74 billion in assets under management. The iShares Gold Trust (NYSEArca: IAU) has also gained about 13% over the past three months and has about $11.2 billion in AUM.
SPDR Gold Shares
Tisha Guerrero contributed to this article.
Full disclosure: Tom Lydon’s clients own GLD.