Global ETF Gold Holdings Decline Modestly In May

From kitco.com

Holdings of gold by global exchange-traded funds fell slightly in May, declining 2.2 tonnes to 2,421 tonnes, the World Gold Council reported Thursday. However, as the price of gold rose, global gold ETF assets under management rose 1% to $101 billion, the World Gold Council said. Most gold ETFs trade like a stock but track the price of the commodity, with metal put into storage to back the shares. This gives investors exposure to gold prices without undertaking certain expenses such as storage and assaying of physical metal. For the year through the end of May, global ETF holdings declined 19 tonnes, hurt by heavy ... (full story)