The Scramble for Gold is On…

The total NAV in tonnes in GLD has just hit a fresh new all time high, climbing by 12.2 tonnes overnight, and closing at 1298.53. Gold holdings in the ETF have now increased by 30 tonnes over the past week, taking up all the weekly gold supply produced by miners on the planet. Also, as the charts below demonstrate, after being relatively flat, total gold tonnage in the GLD has increased at a dramatic pace over the past month, increasing by 10% of all assets, even as gold fixing has only increased by 4% during the same time period. It appears even non-physically backed gold ETFs are now scrambling to get all the gold (either real or imaginary) they can get their hands on.

Chart of GLD closing price and NAV:

Indexed chart of GLD closing price and NAV: