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GLD Passes SPY as Largest ETF (Assets)
As I type this, a little after 3pm, $GLD has surpassed $SPY to become the largest ETF. Now, there is clearly more money “indexed” to the S&P 500 than there is to gold – as there are a number of other S&P 500 proxies, (ie: $IVV, mutual funds, etc, and of course there are several other gold proxies as well: $IAU, $PHYS, etc) – but it’s still worth noticing the rise in both gold’s price and popularity.
http://kiddynamitesworld.com/gld-pas...st-etf-assets/
Analysis: Record prices spawn new wave of China gold bugs
Many Chinese investors and consumers see price corrections as buying opportunities. The view that gold is an enduring store of value is firmly rooted in Chinese cultural traditions," said Hou Xingqiang, a gold analyst at Jinrui Futures.
"More investors are moving into paper gold because of the lower capital costs. The prospect of making big and quick bucks by betting on gold's ascent is beginning to look like a fairly easy way to make money," said He Wei, a gold analyst at Nanhua Futures.
http://www.reuters.com/article/2011/...77S15X20110829