SEE MORE: Record Investment Demand for Gold ETFs
Specifically, investment in gold jumped to 448 metric tons in the second quarter, or more than double the figure of the same period year-over-year, largely due to a year-over-year increase in ETF investment to 236.8 metric tons, compared to a 23 metric ton outflow the year prior.
“We think that the recent price correction and sizeable decline in positioning improves the risk-reward for gold, allowing those who are looking to build longer-term gold exposures to build positions at better levels,” said Joni Teves, a UBS strategist, in a research note,” reports CNBC.
GLD is this year’s top asset-gathering ETF.
For more information on the gold market, visit our gold category.
Tom Lydon’s clients own shares of GLD.