GLD is the largest physically backed gold ETF on the market, providing investors exposure to gold price movement in an easy-to-use investment vehicle. The ETF is backed by physical gold bars stored in London vaults. The gold trust currently holds about 27.2 million ounces of gold, so each SDPR Gold Shares represents fractional ownership of the underlying gold.

“Bullish positioning is now at levels last seen at the end of 2015 when gold briefly dipped below $1,050 after the market went into a net short position for only the second time since 2006, when government first started to collect the data,” according to Mining.com

Some gold market observers believe the yellow can firm up and trend higher next year as the dollar retreats. At least one gold bull believes bullion could return to $1,400 for the first time since 2013. Still, GLD and rival funds need to fight through some resistance to renew traders’ confidence.

For more information on the gold market, visit our gold category.

Tom Lydon’s clients own shares of GLD.

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