Lurching Gold ETF Veers From Metal Most in Year Amid Selloff
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Ten days of pessimism flared into gold’s worst rout since 1980 this week, with selling so strong it knocked the world’s third-biggest exchange-traded fund further below its asset value than any time in a year.
While shares of the SPDR Gold Trust fell 14 percent since the start of April, the contraction in its market value was six percentage points more as investors bailed out of shares during the decline. Selling pressure on April 15 sent the ETF more than 3 percent below the fund’s net asset value, the biggest discount since February 2012, according to data compiled by Bloomberg.