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Gold/Mining/Energy : Precious and Base Metal Investing

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From: russwinter	11/18/2004 5:51:45 PM
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Here's how to track the development of the GLD ETF. As new money comes in, a new 100,000 share (10,000 oz) basket is created. At today's prices that would be $4.42 million. One tonne of gold is 32,150 troy oz ($14.2 million at $442), so figure 321,500 shares absorbs or creates fresh demand for one tonne of gold. The fund started with 2,300,000 shares ($100 million), or 230,000 oz (7.15 tonnes) and it appears they update share counts a couple times a day: streettracksgoldshares.com To put this in perspective 400 tonnes (roughly $5.7 billion) is the amount of annual central bank gold sales under the so called Washington Agreement on Gold (WAG). When one considers that foreign central banks bought over $7 billion in treasury debt and agencies just this week, it really starts to suggests hows this could be a mobilizer.

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