A Big Moment for ETFs: SPDR Gold Becomes World's Biggest
Source: Citywire, Sarah Miloudi (8/22/11)
"SPDR has been taken over in size by the SPDR Gold Trust."
The rise of the gold price has been unprecedented in recent months as spooked investors flee to the metal in hope of shelter from the global growth and debt crisis.
But as gold rallies for its sixth consecutive day, pushing its price past $1,887 an ounce, it has hit a new milestone in terms of its safe haven status, too.
Inflows into gold exchange-traded funds (ETFs) have ramped to the point that SPDR—the instrument that marked the birth of the ETF industry and the world's largest ETF—has been taken over in size by the SPDR Gold Trust. . . .View Full Article