Despite a precipitous decline in the gold price in recent days, the world's most popular gold ETF - SPDR Gold Shares (GLD) - has been adding to its holdings. According to the latest at the SPDR website, nearly 50 tonnes were added to the trust over the last four days as the gold price dipped more than $50 an ounce.
The much discussed sale of one-third of John Paulson's GLD holdings - roughly 20 tonnes - seems to have had only a transitory impact on the ETF's overall holdings. And as more of the world's central banks trade in their increasingly dodgy paper money to buy gold, it looks like 2011 will mark the 11th straight year of gains for the once barbarous relic.
Disclosure: I am long GLD.
