World's Largest Gold ETF Hits Record Inventory
Source: resourceinvestor.com (8/4/07)
Bullion inventory of the world’s largest gold exchange traded fund (ETF), StreetTRACKS Gold Shares [NYSE:GLD], hit a record high of 506.7 tonnes last week despite slipping prices, possibly signalling resurgence of investor interest.
On Wednesday, the gold ETF’s inventory jumped 10 tonnes, surpassing the mid-April peak of 500.7 tonnes. Meanwhile, the spot gold price lost $6.50.
Dennis Gartman, editor of the Gartman Letter, said on Wednesday that he wished to buy gold again, “regaining exposure that we were taken out of last week.”
“We'll buy upon receipt of this commentary, and our stop, for the moment, shall be at $645 basis spot gold - should spot gold trade at or below $645 for an hour, we'll stand down,” he said.
But Jon Nadler, analyst for Kitco Bullion Dealers, didn’t put much stock in it, telling RI that the 10-tonne spike was likely fund buying and not from much-needed individual investors.