An exchange traded fund has become one of the world’s biggest owners of gold, surpassing even the central banks of Japan and India, as investors have scrambled to buy the precious metal and pushed it to record highs.
SPDR Gold Shares, an ETF that owns physical bullion rather than just financial derivatives, has hoovered up gold this year as investors seeking price gains or a haven asset channel more money into the fund.
The size of the fund’s holdings — which are held in HSBC’s London vaults — has climbed to 1,258 tonnes. On Monday and Tuesday alone it added another 15 tonnes, roughly five times as much as Michael Caine’s bank robbers lifted in The Italian Job, based on the $4m value of the gold taken in the 1969 film.
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