SPDR GLD ETF holds more Gold than Swiss, China, and Russia reserves
(original story March 2009) The world’s largest gold-backed exchange-traded fund, the SPDR Gold Trust GLD, said it held a record 1,041.53 tonnes of bullion as of March 12, replacing Switzerland as the world’s sixth-largest holder of gold.
SPDR’s record stake, up 3.36 tonnes or 0.3 percent from the previous day, topped the 1,040.1 tonnes of gold listed as held
by Switzerland in December, the latest data from the World Gold Council showed. Switzerland ranked as the world’s sxth-biggest official gold holder after the United States, Germany, International Monetary Fund, France and Italy.
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“The most significant factor for the precious market this year is that long-term, stable funds have been entering the ETF
in a systemic way,” said Yukuji Sonoda, precious metals analyst at Daiichi Commodities in Tokyo.
“Driven by worries about currencies, among others, ETF’s increases have become symbolic of a market rise, and the market
is hoping that the ETF’s resumed climb will help pull up prices.”
Full Story: http://af.reuters.com/article/commoditiesNews/idAFT14717920090313
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