GLD Inventory Nears Record High
The “tonnes in the trust” at the popular SPDR Gold Shares ETF (NYSE:GLD) rose by another tonne yesterday, the latest in a series of small additions in recent weeks, bringing the total to within three tonnes of the all-time high set last June at 1134 tonnes.
Interestingly, the entire move up last fall in the gold price – from around $950 an ounce to a new record high of over $1,225 an ounce – came as the GLD inventory simply moved back up to its mid-year high. This time around, inventory has been building while prices have consolidated around the $1,100 an ounce level with the action in recent days looking like a big move to the upside could be right around the corner.
Full Disclosure: Long GLD at time of writing.