Gold ETFs slid Wednesday, with the SPDR Gold Trust (GLD) falling $1.01 to $178.09 per share. Weakness in the GLD, the largest of the gold ETFs, came as spot gold dipped $6.19 to $1,829.42 per ounce after two better than expected U.S. economic reports.
In spite of today’s modest sell-off in gold ETFs, the GLD remains higher in August by 12.5%. In doing so, the GLD is on pace for its second largest monthly gain – only behind a 12.8% surge in November 2009. On a year-to-date basis, the GLD has climbed 28.4%.
The GLD was launched on November 18, 2004 to provide investors with a liquid investment security that mirrors the price of gold. Since then, it has not only grown to be the largest ETF in the precious metals space, but also the world’s second largest ETF.
Last week, the GLD briefly surpassed the SPDR S&P 500 ETF (SPY) to become the world’s largest ETF by net assets. However, GLD quickly returned to second place as the yellow metal plunged from a new all-time high of $1,913.60 to near $1,700 per ounce. Although the GLD has rebounded significantly in recent days, it remains 3.6% below its record high of $184.82 per share.