Related: Intrigue in New REX Gold-Hedged ETFs

Lack of interest rate hikes is benefiting gold and the relevant ETFs. Even if rates rose a couple basis points, the continued low rate environment is good for gold, which does not pay a yield and would struggle to compete with yield-generating assets when rates rise.

GLD’s holdings have ample room to expand.

“When the price of gold first pushed up through $1300 per ounce in September 2010, the GLD ETF held 60% more gold than today,” adds BullionVault.

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SPDR Gold Shares

Tom Lydon’s clients own shares of GLD.