August 18, 2011 - The most popular Gold ETF, SPDR Gold Shares (GLD), is hitting a new 52 week high today as gold prices spike and the stock market average move lower. There was noticeable weakness in European Bank Stocks overnight which is spilling over into the US markets. GLD is currently trading up 1.3% to $176.60 in pre market trading which is a new 52 week high.
SPDR Gold Shares (GLD) seeks to replicate the performance, net of expenses, of the price of gold bullion. The trust holds gold, and is expected to issue baskets in exchange for deposits of gold, and to distribute gold in connection with redemption of baskets. The gold held by the trust will only be sold on an as-needed basis to pay trust expenses, in the event the trust terminates and liquidates its assets, or as otherwise required by law or regulation.
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