Gold Bullion Inventory Reaches All-Time High
Source: Seeking Alpha (8/3/07)
On Wednesday, the inventory of gold bullion held by the streetTRACKS Gold Shares ETF (AMEX: GLD) reached a new all-time high at 507 tonnes...the rise in inventory tells a compelling story about how popular this fund has become in less than three years.
According to the most recent update from the World Gold Council, this puts this gold ETF at number 11 in the official ranking of world gold holdings, having climbed from about 32nd place since the fund was established with about 100 tonnes in late 2004...
It appears to be quite unusual for inventory to rise so sharply after the gold price had fallen so abruptly just a few weeks ago. Based on the previous data, inventory doesn't necessarily decline after the gold price falls, but it's never risen like this.