Gold Assets in Top ETP Drop Most in a Year, Defying Rally
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Holdings in the SPDR Gold Trust, the biggest exchange-traded product backed by the metal, shrank by the most in 12 months as investors cut assets even after prices rebounded from the lowest level this year.
The assets contracted 1.2 percent to 751.96 metric tons yesterday, the least since November 2008, according to data on the fund’s website. Holdings in the fund, in which billionaire John Paulson is the biggest investor, are 5.8 percent lower this year after shrinking 41 percent in 2013.