Gold for delivery in February, the most active contract on the Comex market briefly scaled $1,200 an ounce on Friday, January 13.
Each day since Trump’s victory, investors in top physical gold-backed exchange traded fund – SPDR Gold Shares (NYSEARCA: GLD) – have pulled money out of the fund.
The losing streak was the longest on record – 43 trading days without net inflows. After dumping 138.8 tonnes since November 9, on Friday gold bulls were finally convinced to jump back in, picking up just under 3 tonnes.
When gold was hitting record highs in 2011 GLD became the largest ETF in the world briefly surpassing the venerable SPDR S&P 500 trust
Gold is up more than $80 an ounce since hitting post-US presidential election lows mid-December, but remains down some $130 from an initial but brief surge on election night as results showed a likely victory for Donald Trump.
On August 22, 2011 when gold was hitting record highs above $1,900 an ounce GLD became the largest ETF in the world briefly surpassing the venerable SPDR S&P 500 trust at a net asset value of $77.5 billion.
Gold holdings in the trust peaked more than a year later in December 2012 at 1,353 tonnes or 43.5 million ounces.
