Gold Stockpiles at Record Highs
Gold (NYSEARCA:GLD) traders are becoming more aggressive as investors have stock piled the largest hoard of gold ever. The precarious European debt crisis has spurred many to transfer their assets into the gold market, the second best performing commodity this year. Many expect the price of gold to go up next week.
Bloomberg quoted Carole Ferguson, an analyst at Fairfax IS in London, who said, “There’s absolutely no doubt that people are still worried. The market’s being constantly confronted with the flow of bad news. Gold’s still an asset that people will look at.”
Bullion reached a record high $1,688.30 an ounce in September. Bloomberg reports, “Investors added 79.5 tons of gold to their ETP holdings since the start of November, on track for the best month since July, data compiled by Bloomberg show. The combined tonnage is greater than the reserves of all but four of the world’s central banks and equal to more than 10 months of global mine supply.”
Here’s how the SPDR Gold Trust ETF is trading:
SPDR Gold Trust (NYSE:GLD): GLD shares recently traded at $163.40, down $1.43, or 0.87%. They have traded in a 52-week range of $127.80% to $185.85. Average volume is 1.6 million shares. Get the most recent company news and stock data here >>