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Investors fly to safety of gold ETF

Posted on 03 October 2008

From Marketwatch.com: The value of an exchange-traded fund tracking gold prices rose by about $4 billion in September as investors scurried for cover amid the worsening credit tempest and uncertainty over a potential bailout package.

At the end of August, SPDR Gold Shares had $17.4 billion in its coffers, which was backed by 651.4 metric tons of the precious metal. However, the ETF’s assets surged by more than $4 billion during September as some of the nation’s largest and most-respected financial institutions went up in smoke, were taken over by the government or gobbled up by rivals.. …. Full Article: Source


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