The world's largest gold ETF saw a net outflow of $1 billion this week!
The world's largest gold ETF GLD saw a net outflow of $1 billion this week, as gold was sold off following breakthroughs in US-China negotiations, with spot gold prices dropping 4.5%. Bridgewater Associates purchased 1.1 million shares of GLD in the first three months of this year, worth nearly $319 million, but had fully liquidated its position by the fourth quarter of 2023
Since the breakthrough in Sino-U.S. negotiations last weekend, gold has become a target for sell-offs, with the spot price of gold dropping 4.5% over the past week, down 9% from the peak of $3,500 reached in April this year, and has fallen below $3,200 per ounce.
The world's largest gold ETF, GLD, has seen $1 billion in outflows since Monday.
Data disclosed this week shows that Bridgewater Associates purchased 1.1 million shares of GLD in the first three months of this year, worth nearly $319 million.
Bridgewater's gold investment in the first quarter is very close to its previous bets on gold; however, the speed of establishing this new position is much faster. Historical data shows that from 2000 to 2022, Bridgewater's holdings in GLD peaked at a value of up to $400 million. However, by the fourth quarter of 2023, Bridgewater had completely liquidated its position.
