GLD adds 230 tonnes of gold so far this year and rising despite gold price fall
By GCRU Gold News on Tuesday, May 24 2016, 23:53 - Permalink
There’s something decidedly strange going on in the gold market, which seems to be something of a battle between different major financial interests. The gold price has fallen quite substantially in the past week to 10 days, and today slipped below the $1,240 level which had proved to be a bit of a resistance point. But, on the other hand investment into the big gold ETFs has been rising – and rising quite sharply. Normally rising gold ETF purchases are accompanied by a rising gold price, as we have seen throughout most of the year to date – and vice versa, but this pattern isn’t panning out – for now.
For the record, the biggest gold ETF of all, GLD in the U.S. added another 3.27 tonnes of gold to its holdings yesterday despite the fall in the gold price. Its holdings now are at 872.254 tonnes – up a massive 230 tonnes since the beginning of the year and are now at the highest level since end-October 2013.