Gold gains as weak economic data hints at global slowdown | Metals Mine

  • Gold gains as weak economic data hints at global slowdown

    From reuters.com

    Gold prices rose on Tuesday buoyed by a safe-haven sentiment emanating from weak global manufacturing data that hinted at an economic slowdown, a day after the metal declined more than 1% on expectations of a U.S.-China trade truce. FUNDAMENTALS * Spot gold was up 0.4% at $1,389.49 per ounce at 0111 GMT. * Prices fell about 1.8% on Monday, its biggest one-day percentage decline since November 2016. They had touched a more than one-week low of $1,381.51 per ounce. * U.S. gold futures were up 0.2% at $1,391.70 an ounce. * Factory activity shrank across much of Europe and Asia in June while growth in manufacturing ... (full story)

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EF5
Jul 2, 2019 12:22am
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Quoting perma-bull
{quote} 800.2 tons * 2000 lbs * spot price $1389.67 currently * 14.58 troy oz/lb = $32,426,326,315.44 but GLD is reporting $35.79B aum, so my math sorta checks out give or take a few Bs.
1 metric ton comes out to 2204.62lbs so that might be why it doesn't reconcile. Calculated that way I'm getting $35.74B.
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perma-bull
Jul 1, 2019 9:36pm
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SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings rose 0.78 percent to 800.20 tonnes on Monday from 794.04 tonnes on Friday.
800.2 tons * 2000 lbs * spot price $1389.67 currently * 14.58 troy oz/lb = $32,426,326,315.44

but GLD is reporting $35.79B aum, so my math sorta checks out give or take a few Bs.
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perma-bull
Jul 1, 2019 9:49pm
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Quoting perma-bull
{quote} 800.2 tons * 2000 lbs * spot price $1389.67 currently * 14.58 troy oz/lb = $32,426,326,315.44 but GLD is reporting $35.79B aum, so my math sorta checks out give or take a few Bs.
hmm but if you calculate it using 16 (regular) oz per lb, you get $35,584,445,888... which is WAY closer to the $35.79B they're reporting as their aum.

is SPDR trying to pull a fast one on us!??!
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