SPDR Gold Trust (GLD)

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-	{{hide_logo|path=[[Image:GLD Logo.png|left]]}}Gold is widely perceived as a safe-haven investment. It holds its value despite large changes in the stock market. However, the acquisition and storage prices of gold bullion make it prohibitively expensive for most people to own any. StreetTRACKS Gold Trust solves this problem by accepting deposits of gold bullion and distributing shares in return. The shares are meant to approximate the gold market as closely as possible. Therefore, StreetTRACKS makes it possible for more people to participate in the gold market without actually owning any bullion. It is important to note that investing in gold does not just include bullion; gold jewelry holds its value just as well--it makes up 25% of worldwide gold supply.<ref>[http://www.pensions.gold.org/us/supply_demand/supply/ World Gold Council-Supply.]</ref> The [[2007 Credit Crunch]] led to a loss of consumer confidence as well as an increase in gold demand--investors sought out the investment they felt was safest. This initially caused gold prices to rise. However, the strengthening U.S. dollar has led to a decrease in sales as the stronger dollar has led many to seek out liquidity and sell their assets.	+	'''The SPDR Gold Trust''' tracks the performance of the price of gold bullion, less the Trust's expenses. Due to gold's low-to-negative correlations with traditional asset classes as well as with major economic variables, it is a proven asset diversifier. Gold is widely perceived as a safe-haven investment. It holds its value despite large changes in the stock market. However, the acquisition and storage prices of gold bullion make it prohibitively expensive for most people to own any. SPDR Gold Trust solves this problem by accepting deposits of gold bullion and distributing shares in return. The shares are meant to approximate the gold market as closely as possible.
-	== Business and Financials ==	+	It is important to note that investing in gold does not just include bullion; gold jewelry holds its value just as well--it makes up 25% of worldwide gold supply.<ref>[http://www.pensions.gold.org/us/supply_demand/supply/ World Gold Council-Supply.]</ref> The [[2007 Credit Crunch]] led to a loss of consumer confidence as well as an increase in gold demand--investors sought out the investment they felt was safest. This initially caused gold prices to rise. However, the strengthening U.S. dollar has led to a decrease in sales as the stronger dollar has led many to seek out liquidity and sell their assets.
-	StreetTRACKS Gold Trust (started in 2004) is an investment trust. The Trust holds gold and issues streetTRACKS Gold Shares in blocks of 100,000 Shares (Baskets) in exchange for deposits of gold and distributes gold in connection with redemptions of Baskets. The investment objective of the Trust is for the Shares to reflect the performance of the price of gold bullion. Originally, the details of buying, storing and insuring gold have made it difficult for most investors to enter the gold market on their own. StreetTRACKS Gold Trust solves this issue by creating securities that follow the gold market. The Trust is sponsored by [[World Gold Trust Services, LLC]]. [[HSBC Holdings (HBC)]] holds StreetTRACKS's gold.<ref>[http://www.sec.gov/Archives/edgar/data/1222333/000095013607008005/file1.htm GLD 2007 10-K. Item 1, Page 1.]</ref>	+
-	The Trustee values the gold according to the most recent London PM Fix.<ref>[http://www.sec.gov/Archives/edgar/data/1222333/000095013607008005/file1.htm GLD 2007 10-K. Item 1, Page 2.]</ref> The London Fix is a widely-recognized benchmark for gold and silver prices. It is announced twice each day: the AM fix occurs in New York City at 5am (10am in London), and the PM fix occurs in NYC at 10am (3pm in London).<ref>[http://goldmoney.com/en/wt/london-fix.php London Gold and Silver Fix.]</ref> Once the gold has been accurately priced, the Trustee then subtracts all accrued but unpaid fees in order to arrive at an Adjusted Net Asset Value (ANAV). The Trustee then uses the ANAV to calculate GLD's fees (to the Trustee, the Sponsor, the Custodian and the Marketing Agent) to arrive at the Net Asset Value (NAV).<ref>[http://www.sec.gov/Archives/edgar/data/1222333/000095013607008005/file1.htm GLD 2007 10-K. Item 1, Page 2.]</ref>	+	==History==
		+	SPDR Gold Trust was created in 2004 by the World Gold Council as StreetTracks Gold Trust. Then Chairman of the World Gold Council, Christopher Thompson, wanted to find a way for the average person to be able to invest into gold. He hired James Burton, former CEO of CalPERS (California Public Employees' Retirement System) to research the feasibility of a tradable financial product investing in gold.
-	[[Image:GLD_Income.jpg|thumb|left]]<ref>[http://www.sec.gov/Archives/edgar/data/1222333/000095013607008005/file1.htm GLD 2007 10-K. Item 6, Page 57.]</ref>	+	Bars of gold were large, heavy and required expensive security to maintain value. Prior to SPDR Gold Trust, the most successful gold product was the South African Krugerrand. The Krugerrand was a gold coin created in the 1967. It came in a variety of troy ounce weights. While buying Krugerrands required less security costs and easier transportation costs, it was still a physical product. Held in great amounts, it faced same problems as gold bars.
-	GLD's gain on gold and net gains have increased greatly since its inception on November 12, 2004. To date, GLD has received 23,391,238 ounces of gold.<ref>[http://www.sec.gov/Archives/edgar/data/1222333/000095013607008005/file1.htm GLD 2007 10-K. Item 6, Page 61.]</ref> StreetTRACKS has traded 4,724,800 ounces of gold in exchange for 476 baskets.<ref>[http://www.sec.gov/Archives/edgar/data/1222333/000095013607008005/file1.htm GLD 2007 10-K. Item 6, Page 61.]</ref> Also, GLD has sold 112,373 ounces of gold total in order to pay expenses.<ref>[http://www.sec.gov/Archives/edgar/data/1222333/000095013607008005/file1.htm GLD 2007 10-K. Item 6, Page 61.]</ref> It is important to note that GLD sells only enough gold to cover its costs, meaning the company never has any spare cash.<ref>[http://www.sec.gov/Archives/edgar/data/1222333/000095013607008005/file1.htm GLD 2007 10-K. Item 6, Page 62.]</ref>	+	In late 2004, SPDR Gold Trust started trading as StreetTracks Gold Trust, Bank of New York was its trustee. State Street Corp. marketed the fund.
-	{| {{table}}	+	== Business and Financials ==
-	| align="center" style="background:#f0f0f0;"|''''''	+	SPDR Gold Trust (started in 2004) is an investment trust. The Trust holds gold and issues SPDR Gold Shares in blocks of 100,000 Shares (Baskets) in exchange for deposits of gold and distributes gold in connection with redemptions of Baskets. The investment objective of the Trust is for the Shares to reflect the performance of the price of gold bullion. Originally, the details of buying, storing and insuring gold have made it difficult for most investors to enter the gold market on their own. SPDR Gold Trust solves this issue by creating securities that follow the gold market.
-	| align="center" style="background:#f0f0f0;"|'''9/30/2007'''	+
-	| align="center" style="background:#f0f0f0;"|'''9/30/2006'''	+
-	| align="center" style="background:#f0f0f0;"|'''9/30/2005'''	+
-	|-	+
-	| Ounces of Gold: ||||||	+
-	|-	+
-	| Opening Balance ||12,422.50||6,669.30||30	+
-	|-	+
-	| Creations ||9,121.70||6,805.20||7,464.20	+
-	|-	+
-	| Redemptions ||-2,901.70||-1,013.60||-809.4	+
-	|-	+
-	| Sales of gold ||-58.4||-38.4||-15.5	+
-	|-	+
-	| Closing Balance ||18,584.10||12,422.50||6,669.30	+
-	|-	+
-	| Gold price per ounce - London PM fix ||743||599.25||473.25	+
-	|-	+
-	| Market value of gold holdings ||13,807,984||7,444,182||3,156,223	+
-	|-	+
-	| Number of Shares: || || ||	+
-	|-	+
-	| Opening Balance ||125,100||66,900||300	+
-	|-	+
-	| Creations ||92,100||68,400||74,700	+
-	|-	+
-	| Redemptions ||-29,300||-10,200||-8,100	+
-	|-	+
-	| Closing Balance ||187,900||125,100||66,900	+
-	|-	+
-	| Net Asset Value per share ($thousands): || || ||	+
-	|-	+
-	| Creations ||65.52||55.56||43.68	+
-	|-	+
-	| Redemptions ||-65.03||-63.48||-44.49	+
-	|-	+
-	| Net Gain/(Loss) for the period ||2.05||1.3||-0.11	+
-	|-	+
-	| At Period End ||73.46||59.48||47.16	+
-	|-	+
-	| Shares at redemption value to investors at Period End ||13,803,588||7,441,489||3,155,107	+
-	|-	+
-	| Change in Redemption Value over the period ||85.50%||135.90%||240.19%	+
-	|-	+
-	| % Difference between Net Asset Value per share and market value of ounces represented by each share ||-0.032%||-0.036%||-0.035%	+
-	|-	+
-	|	+
-	|}<ref>[http://www.sec.gov/Archives/edgar/data/1222333/000095013607008005/file1.htm GLD 2007 10-K. Item 6, Page 61.]</ref>	+
-	GLD has experienced rapid growth since its inception in 2004. Gold is an attractive investment because its value is detached from the general economy. StreetTRACKS Gold Trust has made it much easier to participate in the gold market, since it was no longer necessary to actually purchase and store gold on one's own. Therefore, GLD's business has increased greatly in the last three years.	+	The Trustee values the gold according to the most recent London PM Fix.<ref>[[stock:SPDR_Gold_Trust_%28GLD%29/Filing/10-K/2007/F2539086 | GLD 2007 10-K. Item 1, Page 2.]]</ref> The London Fix is a widely-recognized benchmark for gold and silver prices. It is announced twice each day: the AM fix occurs in New York City at 5am (10am in London), and the PM fix occurs in NYC at 10am (3pm in London).<ref>[http://goldmoney.com/en/wt/london-fix.php London Gold and Silver Fix.]</ref> Once the gold has been accurately priced, the Trustee then subtracts all accrued but unpaid fees in order to arrive at an Adjusted Net Asset Value (ANAV). The Trustee then uses the ANAV to calculate GLD's fees (to the Trustee, the Sponsor, the Custodian and the Marketing Agent) to arrive at the Net Asset Value (NAV).<ref>[[stock:SPDR_Gold_Trust_%28GLD%29/Filing/10-K/2007/F2539086 | GLD 2007 10-K. Item 1, Page 2.]]</ref>
	== Trends and Forces ==		== Trends and Forces ==
	=== Many Investors See Gold as a Safe-Haven Investment ===		=== Many Investors See Gold as a Safe-Haven Investment ===
	As mentioned before, gold tends to retain its value despite movements in the stock market. Therefore, gold serves as insurance against a risky stock market. This has made gold a very attractive investment. The [[2007 Credit Crunch]] made gold even more attractive as investors hurried en masse to the asset they felt was safest.<ref>[http://business.timesonline.co.uk/tol/business/industry_sectors/natural_resources/article4931723.ece "Market turmoil sparks gold rush to specialist funds." Timesonline.com.]</ref>		As mentioned before, gold tends to retain its value despite movements in the stock market. Therefore, gold serves as insurance against a risky stock market. This has made gold a very attractive investment. The [[2007 Credit Crunch]] made gold even more attractive as investors hurried en masse to the asset they felt was safest.<ref>[http://business.timesonline.co.uk/tol/business/industry_sectors/natural_resources/article4931723.ece "Market turmoil sparks gold rush to specialist funds." Timesonline.com.]</ref>
-	StreetTRACKS' holdings increased by 26% since [[Lehman Brothers (LEH)]] went bankrupt.<ref>[http://business.timesonline.co.uk/tol/business/industry_sectors/natural_resources/article4931723.ece "Market turmoil sparks gold rush to specialist funds." Timesonline.com.]</ref> There is an inverse relationship between the economy and the gold market: the worse the economy becomes, the more money goes into gold as a safeguard against losing any more money.	+	GLD's holdings increased by 26% since [[Lehman Brothers (LEH)]] went bankrupt.<ref>[http://business.timesonline.co.uk/tol/business/industry_sectors/natural_resources/article4931723.ece "Market turmoil sparks gold rush to specialist funds." Timesonline.com.]</ref> There is an inverse relationship between the economy and the gold market: the worse the economy becomes, the more money goes into gold as a safeguard against losing more money.
-	=== Gold Prices are Beginning to Fall ===	+	=== Gold Prices are at two month lows ===
-	Although demand for gold increased as it was (and still is) widely perceived as a safe haven investment, that trend has not been reflected in gold prices. Gold prices reached a yearlong low of $699 an ounce on October 24<ref>[http://www.bloomberg.com/apps/news?pid=20601082&sid=a6ZhrAGj23M8&refer=canada "Gold Set for Biggest Weekly Drop in 25 Years on Dollar, Shares" Bloomberg.com:Canada.]</ref>, compared to an all-time high of $1,030.80 an ounce in May.<ref>[http://www.bloomberg.com/apps/news?pid=20601082&sid=a6ZhrAGj23M8&refer=canada "Gold Set for Biggest Weekly Drop in 25 Years on Dollar, Shares" Bloomberg.com:Canada.]</ref> In addition, StreetTRACKS' holdings have decreased from 770.6 tons on October 10 to 747.1 tons on October 24.<ref>[http://www.bloomberg.com/apps/news?pid=20601082&sid=a6ZhrAGj23M8&refer=canada "Gold Set for Biggest Weekly Drop in 25 Years on Dollar, Shares" Bloomberg.com:Canada.]</ref> The decrease in gold prices can be attributed to the strengthening of the U.S. dollar--it has reached a 2-year high against the euro. The strengthening of the dollar has led to an increase of gold sales as confidence in the dollar has begun to return.<ref>[http://www.bloomberg.com/apps/news?pid=20601082&sid=a6ZhrAGj23M8&refer=canada "Gold Set for Biggest Weekly Drop in 25 Years on Dollar, Shares" Bloomberg.com:Canada.]</ref>	+
-	Indeed as investors begin to have more confidence in the U.S. dollar, the price of gold will fall. It's during recessions and periods of inflation that the U.S. dollar tumbles, while the price (demand) of gold increases.	+
-	=== StreetTRACKS is Not the Only Way to Invest in Gold ===	+	As of July 2010, gold prices are down more than 5 per cent from their June highs.<ref name=aus>[http://www.theaustralian.com.au/business/markets/gold-price-snaps-two-day-losing-streak/story-e6frg91o-1225894827616 The Australian: "Gold price snaps two-day losing streak" July 21, 2010]</ref> Some traders buy gold as a hedge against instability in other markets on the belief that the precious metal holds its value better than other assets during economic turmoil.<ref name=aus/> While some speculative investors have liquidated their holdings in gold recently as equities and currency markets stabilized, there is still enough worry about the global financial system to keep support under prices.<ref name=aus/>
-	[[Image:Gold_Supply_Chart.gif]]<ref>[http://www.pensions.gold.org/us/supply_demand/supply/ World Gold Council-Supply.]</ref>	+
-	The graph above displays three main sources of supply in the gold market: sales of gold reserves from major banks, gold that is mined directly from underground, and gold that has been separated from melted-down scrap jewelry. Not only does scrap jewelry form a considerable portion (25%) of gold supply, it is also the fastest to respond to a change in demand. Therefore, scrap gold can act to moderate fluctuations in the gold price by providing additional supply if needed.<ref>[http://www.pensions.gold.org/us/supply_demand/supply/ World Gold Council-Supply.]</ref> The supply of scrap usually increases when gold prices rise or economic conditions worsen. Although GLD makes it easier to participate in the gold market by eliminating the need to hold gold bullion, it is still possible for individuals to invest in gold simply by buying jewelry.	+	Despite gold's recent weakness, analysts estimate gold will remain at about $1200 an ounce as investors wait for decisive direction from other markets before making bets on gold. Large gold funds have slowed their physical purchases, but generally haven't sold them as a wait-and-see mentality continues. Gold prices have also been lifted by a decline in the euro as European banks are subjected to stress tests.<ref name=aus/> Gold has benefited recently from weakness in the euro as investors use gold as a hedge against a loss of purchasing power in the European currency.
-	== Competition ==	+	=== SPDR Gold Trust is Not the Only Way to Invest in Gold ===
-	StreetTRACKS is the largest gold trust on the market and its main form of competition includes other forms of gold; namely gold bullion, jewelry and electronics. Bullion is very expensive to maintain for individual investors; it is more commonly held by central banks, such as the International Monetary Fund and government banks.<ref>[http://www.pensions.gold.org/us/supply_demand/supply/ World Gold Council-Supply.]</ref> These organizations sold an average of 527 metric tons of gold each year from 2002 to 2006.<ref>[http://www.pensions.gold.org/us/supply_demand/supply/ World Gold Council-Supply.]</ref> Another source of gold is jewelry and electronics. Jewelry is a more accessibly route to owning gold; they can either be kept whole or melted down and turned into bullion or sold for cash.<ref>[http://www.pensions.gold.org/us/supply_demand/supply/ World Gold Council-Supply.]</ref> Some electronic devices use gold as well, which can be separated from the rest of the device.	+
-	{{clr}}	+	There are three main sources of supply in the gold market: sales of gold reserves from major banks, gold that is mined directly from underground, and gold that has been separated from melted-down scrap jewelry. Not only does scrap jewelry form a considerable portion (25%) of gold supply, it is also the fastest to respond to a change in demand. Therefore, scrap gold can act to moderate fluctuations in the gold price by providing additional supply if needed.<ref>[http://www.pensions.gold.org/us/supply_demand/supply/ World Gold Council-Supply.]</ref> The supply of scrap usually increases when gold prices rise or economic conditions worsen. Although GLD makes it easier to participate in the gold market by eliminating the need to hold gold bullion, it is still possible for individuals to invest in gold simply by buying jewelry.
		+	== Competition ==
		+	SPDR Gold Trust is the largest gold trust on the market and its main form of competition includes other forms of gold, namely gold bullion, jewelry and electronics. Bullion is very expensive to maintain for individual investors; it is more commonly held by central banks, such as the International Monetary Fund and government banks.<ref>[http://www.pensions.gold.org/us/supply_demand/supply/ World Gold Council-Supply.]</ref> Another source of gold is jewelry and electronics. Jewelry is a more accessible route to owning gold; it can either be kept whole or melted down and turned into bullion or sold for cash.<ref>[http://www.pensions.gold.org/us/supply_demand/supply/ World Gold Council-Supply.]</ref> Some electronic devices use gold as well, which can be separated from the rest of the device.
		+	'''Other Gold ETFs'''
		+	*[[Market Vectors Gold Miners ETF (GDX)]]
		+	*[[IShares COMEX Gold Trust (IAU)]]
		+	*[[PowerShares DB Gold Fund (DGL)]]
		+	*Gold-Price-Linked ETF (OSA:1328)
		+	*UTI GOLD ETF (BOM:590101)
		+	*Religare Gold ETF (NSE:RELIGAREGO)
		+	*ETF METAL GOLD (PINK:EFMSF)
		+	*[[Claymore Gold Bullion (CGL)]]
		+	*[[ETFS Gold Trust (SGOL)]]
		+	*[[Powershares Global Gold and Precious Metals Portfolio ETF (PSAU)]]
	==References==		==References==
	<references/>		<references/>
	[[Category: ETF]]		[[Category: ETF]]

---

Current revision

The SPDR Gold Trust tracks the performance of the price of gold bullion, less the Trust's expenses. Due to gold's low-to-negative correlations with traditional asset classes as well as with major economic variables, it is a proven asset diversifier. Gold is widely perceived as a safe-haven investment. It holds its value despite large changes in the stock market. However, the acquisition and storage prices of gold bullion make it prohibitively expensive for most people to own any. SPDR Gold Trust solves this problem by accepting deposits of gold bullion and distributing shares in return. The shares are meant to approximate the gold market as closely as possible.

It is important to note that investing in gold does not just include bullion; gold jewelry holds its value just as well--it makes up 25% of worldwide gold supply.^[1] The 2007 Credit Crunch led to a loss of consumer confidence as well as an increase in gold demand--investors sought out the investment they felt was safest. This initially caused gold prices to rise. However, the strengthening U.S. dollar has led to a decrease in sales as the stronger dollar has led many to seek out liquidity and sell their assets.

History

SPDR Gold Trust was created in 2004 by the World Gold Council as StreetTracks Gold Trust. Then Chairman of the World Gold Council, Christopher Thompson, wanted to find a way for the average person to be able to invest into gold. He hired James Burton, former CEO of CalPERS (California Public Employees' Retirement System) to research the feasibility of a tradable financial product investing in gold.

Bars of gold were large, heavy and required expensive security to maintain value. Prior to SPDR Gold Trust, the most successful gold product was the South African Krugerrand. The Krugerrand was a gold coin created in the 1967. It came in a variety of troy ounce weights. While buying Krugerrands required less security costs and easier transportation costs, it was still a physical product. Held in great amounts, it faced same problems as gold bars.

In late 2004, SPDR Gold Trust started trading as StreetTracks Gold Trust, Bank of New York was its trustee. State Street Corp. marketed the fund.

Business and Financials

SPDR Gold Trust (started in 2004) is an investment trust. The Trust holds gold and issues SPDR Gold Shares in blocks of 100,000 Shares (Baskets) in exchange for deposits of gold and distributes gold in connection with redemptions of Baskets. The investment objective of the Trust is for the Shares to reflect the performance of the price of gold bullion. Originally, the details of buying, storing and insuring gold have made it difficult for most investors to enter the gold market on their own. SPDR Gold Trust solves this issue by creating securities that follow the gold market.

The Trustee values the gold according to the most recent London PM Fix.^[2] The London Fix is a widely-recognized benchmark for gold and silver prices. It is announced twice each day: the AM fix occurs in New York City at 5am (10am in London), and the PM fix occurs in NYC at 10am (3pm in London).^[3] Once the gold has been accurately priced, the Trustee then subtracts all accrued but unpaid fees in order to arrive at an Adjusted Net Asset Value (ANAV). The Trustee then uses the ANAV to calculate GLD's fees (to the Trustee, the Sponsor, the Custodian and the Marketing Agent) to arrive at the Net Asset Value (NAV).^[4]

Trends and Forces

Many Investors See Gold as a Safe-Haven Investment

As mentioned before, gold tends to retain its value despite movements in the stock market. Therefore, gold serves as insurance against a risky stock market. This has made gold a very attractive investment. The 2007 Credit Crunch made gold even more attractive as investors hurried en masse to the asset they felt was safest.^[5] GLD's holdings increased by 26% since Lehman Brothers (LEH) went bankrupt.^[6] There is an inverse relationship between the economy and the gold market: the worse the economy becomes, the more money goes into gold as a safeguard against losing more money.

Gold Prices are at two month lows

As of July 2010, gold prices are down more than 5 per cent from their June highs.^[7] Some traders buy gold as a hedge against instability in other markets on the belief that the precious metal holds its value better than other assets during economic turmoil.^[7] While some speculative investors have liquidated their holdings in gold recently as equities and currency markets stabilized, there is still enough worry about the global financial system to keep support under prices.^[7]

Despite gold's recent weakness, analysts estimate gold will remain at about $1200 an ounce as investors wait for decisive direction from other markets before making bets on gold. Large gold funds have slowed their physical purchases, but generally haven't sold them as a wait-and-see mentality continues. Gold prices have also been lifted by a decline in the euro as European banks are subjected to stress tests.^[7] Gold has benefited recently from weakness in the euro as investors use gold as a hedge against a loss of purchasing power in the European currency.

SPDR Gold Trust is Not the Only Way to Invest in Gold

There are three main sources of supply in the gold market: sales of gold reserves from major banks, gold that is mined directly from underground, and gold that has been separated from melted-down scrap jewelry. Not only does scrap jewelry form a considerable portion (25%) of gold supply, it is also the fastest to respond to a change in demand. Therefore, scrap gold can act to moderate fluctuations in the gold price by providing additional supply if needed.^[8] The supply of scrap usually increases when gold prices rise or economic conditions worsen. Although GLD makes it easier to participate in the gold market by eliminating the need to hold gold bullion, it is still possible for individuals to invest in gold simply by buying jewelry.

Competition

SPDR Gold Trust is the largest gold trust on the market and its main form of competition includes other forms of gold, namely gold bullion, jewelry and electronics. Bullion is very expensive to maintain for individual investors; it is more commonly held by central banks, such as the International Monetary Fund and government banks.^[9] Another source of gold is jewelry and electronics. Jewelry is a more accessible route to owning gold; it can either be kept whole or melted down and turned into bullion or sold for cash.^[10] Some electronic devices use gold as well, which can be separated from the rest of the device.

Other Gold ETFs

• Market Vectors Gold Miners ETF (GDX)
• IShares COMEX Gold Trust (IAU)
• PowerShares DB Gold Fund (DGL)
• Gold-Price-Linked ETF (OSA:1328)
• UTI GOLD ETF (BOM:590101)
• Religare Gold ETF (NSE:RELIGAREGO)
• ETF METAL GOLD (PINK:EFMSF)
• Claymore Gold Bullion (CGL)
• ETFS Gold Trust (SGOL)
• Powershares Global Gold and Precious Metals Portfolio ETF (PSAU)

References

1. ↑ World Gold Council-Supply.
2. ↑ GLD 2007 10-K. Item 1, Page 2.
3. ↑ London Gold and Silver Fix.
4. ↑ GLD 2007 10-K. Item 1, Page 2.
5. ↑ "Market turmoil sparks gold rush to specialist funds." Timesonline.com.
6. ↑ "Market turmoil sparks gold rush to specialist funds." Timesonline.com.
7. ↑ ^{7.0 7.1 7.2 7.3} The Australian: "Gold price snaps two-day losing streak" July 21, 2010
8. ↑ World Gold Council-Supply.
9. ↑ World Gold Council-Supply.
10. ↑ World Gold Council-Supply.

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