March 16, 2009 at 2:21 pm by ETF.com
Investor interest in the metal has skyrocketed, with the second largest US based ETF, SPDR Gold Trust (GLD: Quote, Profile, Advanced Chart, News), showing growth in assets of 33% in 2009 alone on modest gains of $50 or 5.2% per ounce. GLD is now the sixth-largest holder of gold in the world after displacing the Swiss National Bank.
The survey of analysts, which has correctly predicted the weekly change in gold 59% of the time, is a key indicator for Bloomberg in gauging future momentum in the metals market. Gold ETFs are among the few to rise in 2009, along with other precious metal funds and safe haven investments.
In a weekly survey of 30 traders around the world, 20 advised buying the precious metal, with six analysts holding a neutral position and only four advising investors to sell.