Quick Read – GLD surged 36% in 12 months to $1.2 trillion in assets, but future gains hinge on real yields as the Fed holds at 3.75%. – GLDM and IAU charge a fraction of GLD’s 0.40% annual fee, costing buy-and-hold investors roughly $150 extra per year on $50,000. – The analyst…
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The SPDR Gold Shares (NYSEARCA:GLD) has quietly become one of the largest stories in markets, with the fund now holding roughly $1.2 trillion in net assets after a 36% gain over the past 12 months. GLD is the largest physically backed gold ETF in the world, and shares recently closed near $417. After a torrid run driven by central bank buying and the Fed’s pivot to easier policy, GLD is now in a tricky spot: the easy gains from the rate-cut narrative are largely priced in, and the next leg depends on whether real yields keep falling.
The fund’s recent trajectory tells the story. GLD is up about 5% year to date, but has gone roughly flat over the past month, with the price essentially unchanged over the trailing 30 days. Five-year holders are sitting on a 134% gain.