Have the Gold ETF's "Tonnes in Trust" Bottomed?
Source: Tim Iacono, Seeking Alpha (6/17/08)
After declining by 61 tonnes in late April, the number of "tonnes in the trust" at the SPDR Gold Shares ETF (GLD) has increased steadily over the last month.
Total inventory peaked in mid-March at 665 tonnes which would have put the world's largest gold ETF eighth in the the Gold Council's Official World Gold Holdings, between Japan at 765 tonnes and the Netherlands at 621 tonnes...
Earlier this year, there was much discussion about what role the gold ETF was playing in a soaring gold price that rose from $650 per ounce last summer to over $1,000 in March.
With crude oil having risen from $70 to almost $140 during that same time, no one seems to be too concerned about the yellow metal anymore.
If yesterday's price movement is any indication, that may be changing