Top gold ETF holdings back close to record

SPDR Gold Trust gold holdings are back to just below the record level of 1,134 tonnes last seen at the beginning of June

Author: Lawrence Williams
Posted: Wednesday , 30 Dec 2009

LONDON -

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The recent relative weakness in the gold price seems to have led to increased investment in the world's biggest gold ETF - SPDR Gold trust - with the ETF's gold holdings back only a fraction below the record of 1,134.03 tonnes recorded at the beginning of June. The latest figure reported, as of December 29th, shows holdings at 1,133.622 tonnes - just 0.4 tonnes off the record.

The ETF's holdings had fallen from a little over 1,131 tonnes in early December as gold reached its record highs of over $1,220 an ounce back down to 1,116.5 tonnes as investors took profits at the top of the market, but the recent price falls down to below $1,100 an ounce have generated renewed interest from those who feel the recent price dip has, perhaps been overdone. There is also obviously still strong interest also from those who remain nervous about the overall state of the U.S. and other Western economies, and the perceived fragility of the dollar, and thus still see the yellow metal as a safe haven investment and are expressing confidence in gold's future performance.

Gold holdings by the SPDR Gold Trust over the past month are as follows:

Date: Tonnes

Dec 29 1,133.622

Dec 21 1,132.708

Dec 18 1,126.611

Dec 16 1,120.514

Dec 14 1,116.551

Dec 8 1,116.247

Dec 4 1,129.966

Dec 3 1,131.490

Dec 2 1,131.214

Dec 1 1,130.604

Nov 30 1,129.994