LONDON -
State Street Global Advisors, and World Gold Trust Services, a wholly-owned subsidiary of the World Gold Council (WGC), have announced that assets in the world' largest gold ETF, the SPDRGold Trust (NYSE Arca: GLD) have surpassed US $50 billion as nervous investors have continued to put their trust in gold as they see the global economic situation possibly deteriorating further. Fears of a double dip recession, which now seems more and more likely, have been driving some really big money into the gold ETF.
"With assets having increased by approximately 32 percent year-to-date (as of Friday, June 25, 2010), SPDR Gold Shares has radically transformed the way in which a wide range of investors access the gold market," said James Ross, senior managing director at State Street Global Advisors. "GLD is increasingly being used as part of a long-term diversification investment strategy within investors' portfolios in a variety of market cycles currently playing out worldwide."
Jason Toussaint, managing director, Investments, World Gold Trust Services, LLC commented: "Strategic asset allocation will continue to play a central role in investors' portfolio performance moving forward, and portfolios that contain even a small allocation in gold have the potential to better cope with varying market scenarios. This milestone for GLD underscores that investors have embraced gold as a viable core holding over the long-term." More...
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