Gold-backed ETF attracts $419 mln after three days
Tue Nov 23, 2004 05:20 PM ET
NEW YORK, Nov 23 (Reuters) - A recently launched gold-backed exchange-traded fund attracted $419 million in its first three days of trading, bringing its total assets to $1.3 billion, a research company said on Tuesday.
The ETF, called streetTRACKS Gold Shares (GLD.N: Quote, Profile, Research) , attracted $589 million last Thursday, the first day it was offered to the public, and an additional $241 million on Friday, said Santa Rosa, California-based TrimTabs Investment Research.
Though the company said investment flows for the security turned negative on Monday, with outflows of $411 million, its success guarantees the creation of more commodity-based ETFs, said Carl Wittnebert, director of research at TrimTabs.
"There's been nothing like it in the history of ETFs," he said in a statement.
Gold (GCZ4: Quote, Profile, Research) for December delivery hit just shy of $450 an ounce, a 16 1/4-year high, on the COMEX division of the NYMEX.
EDIT: GLD added 300,000 Oz today
streettracksgoldshares.com |
