SPDR Gold Shares Reaches More than $30 Billion Milestone
State Street Global Markets LLC, an affiliate of State Street Global Advisors (“State Street”) (NYSE: STT), and World Gold Trust Services, LLC, a wholly-owned subsidiary of the World Gold Council (WGC), today announced that assets in the SPDR® Gold Trust (NYSE Arca: GLD) have surpassed $30 billion, making it the second largest ETF by assets in the world.1
“As economic uncertainty climbs, an increasing number of investors are adding more gold to their portfolios,” says Natalie Dempster, Head of Investment, North America, for WGC. “Assets in the trust have increased by more than 60 percent in the last six months. This growth underscores gold’s safe haven appeal and its recognition as an excellent portfolio diversifier among a wide array of financial advisors and investors.”
Launched by World Gold Trust Services and State Street in November 2004, GLD was the first US commodity based exchanged-traded security and quickly emerged as one of the fastest growing exchange-traded products.
“In providing convenient, low-cost access to a previously hard-to-reach corner of the market, GLD has helped change the way many investors manage their portfolio amid increasing market volatility,” says said James Ross, senior managing director at State Street Global Advisors. State Street Global Advisors is one of the largest ETF providers in the United States and globally. As of December 31, 2008, U.S. assets under management for SPDR ETFs totaled more than $159 billion.
1 Largest ETF by assets is State Street’s SPDR® S&P 500® ETF. Source: Bloomberg, 2/13/09.
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