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Friday, July 31, 2009

The ETF Gold Rush Shows Signs of Slowing

News summary by MFWire's editors

The stabilization of credit markets and a recent curbing of inflation rates have stifled demand for gold ETFs in recent weeks, and media speculation is rising as to whether this effect will continue. Friday's Wall Street Journal Fund Track column, by Allen Sykora, focuses on State Street Global Advisors' SPDR Gold Shares, the largest gold ETF, which as of Wednesday was down 47.68 metric tons through July to 1,072.87. GLD had seen net inflows of 347.1 metric tons in the first quarter, but recent outflows may signify a more fundamental change in the gold market.

"It indicates there is a little bit less speculative fervor in the market," Bill O'Neill, a principal with Logic Advisors told the WSJ. "There wasn't a willingness to chase this market as it went back up to the $950 level."

However, any long-term bullish predictions on the funds may be premature.

"The decline is a small percentage of overall holdings," said Carlos Sanchez, associate director of research with CPM Group. "This may be just some investors trying to take profits." 

Edited by: Meredith Mazzilli

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