Mostly: Classical

[roni]

Check this out: streetTRACKS Gold Fund (GLD)—the largest ETF traded on the NYSE, and one of several relatively new vehicles for owning gold without taking delivery of physical metal—added an eye-popping 39.62 tons to its trust vaults last week.

That’s 1,273,964 ounces of gold, for those of you who are counting, or a nearly 14% increase in the fund’s holdings. Not since the week of the fund’s inception in November of 2004 has it added so much in a week. And remember, that was at considerably lower prices.

Week-over-week, the net asset value of GLD ballooned by $664 million to $5.94 billion, almost all of which represents new money flowing into the fund. There must be a lot of head shaking going on in the bear’s den, among those calling for a sharp correction, when that kind of interest is generated at these price levels.

Stunning . . .

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