After 11 Days Of Outflows, GLD Holdings Steady

For the first time since February 18th, the holdings at the SPDR Gold Shares ETF (GLD) held steady yesterday at 1,244.86 tonnes. This ends the longest string of consecutive daily outflows since the fund was launched back in late-2004, surpassing the previous record of just 5 days set in May 2011.

More importantly, the cumulative 11-day outflow of 78.1 tonnes smashes the old record of 64.6 tonnes in August 2011, just as the gold price was reaching an all-time high of over $1,920 an ounce.

From the record high of 1,353 tonnes set just three months ago in anticipation of the latest round of Federal Reserve money printing, some 108 tonnes have flowed out of the GLD trust, almost 8 percent of the December record total.

In dollar terms, this is a pile of gold bars worth about $5.5 billion at today’s prices. In the scheme of things, GLD flows are really just an indication of U.S. investor sentiment toward gold as there is little correlation between the holdings of the world’s largest gold fund and the gold price.

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