It’s Blue Skies in Gold ETFs as Investors Flee Equity Turbulence
- GLD sees inflows of around $643 million, most since July 2016
- The metal is up 7.3% this quarter, while S&P 500 is down 17%
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As U.S. stocks approach a bear market, investors are seeking shelter in gold exchange-traded funds typically seen as a safety play in times of uncertainty.
The $32.4 billion SPDR Gold Shares fund, ticker GLD, saw inflows of more than $643 million one day this week, the most since July 2016. The fund has received cash infusions for three straight sessions, totaling $846 million. Similarly, the iShares Gold Trust, or IAU, took in about $114 million since Friday.