The SPDR Gold Trust (NYSE:GLD), the largest U.S. gold ETF, is surging amid the relentless rise in gold prices throughout this past year.
GLD Soars Past $400 After Hours
On Thursday, the fund soared past $400 in after-hours trading, after closing up 2.34%, at $396.45 during the regular session.
This comes following days of unprecedented demand, with the fund witnessing its second-highest-ever trading volume last week, at $12.5 billion. The fund, in fact, outstripped the daily volumes of the “Magnificent 7” tech stocks, highlighting the significant capital rotation taking place in the markets.
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With the spot prices of gold rallying 18.03% over the past month alone, scaling past $4,000 an ounce, and now nearing $4,400 in just a little over a week, the fund is just a few basis points short, gaining 17.65% over the past month.
GLD Outperforms S&P 500 Since Its Launch In 2004
Following its 61.54% year-to-date rally, the fund’s total returns since it was launched on Nov. 19, 2004, at 785.33%, are now ahead of the S&P 500, tracked by the SPDR S&P 500 ETF Trust (NYSEARCA: SPY), which is up 462.63% during the same time period.
Senior ETF Analyst at Bloomberg, Eric Balchunas, highlighted this, calling it “mind-melting,” while adding that it “flies in the face of so much conventional wisdom,” on Thursday, in a post on X.
Earlier this week, veteran Wall Street Strategist Ed Yardeni referred to the yellow metal as “physical bitcoin,” saying that it might be headed to $10,000 an ounce by the end of this decade or sooner. “Bitcoin has been described as ‘digital gold,’ but we see gold as ‘physical bitcoin,” he said.
Economist Peter Schiff is significantly more bullish on the metal, recently making the case for it reaching $20,000 an ounce. Schiff said, “I think gold is not going to stop going up because the dollar is not going to stop going down,” while adding that it could surge past $5,000, $10,000, “I mean, it could go to $20,000.”
Gold spot prices currently stand at $4,355.71 per ounce, up 0.69% during the day, 18.03% over the past month, and 65.92% year-to-date.
The SPDR Gold Trust scores high on Momentum in Benzinga’s Edge Stock Rankings, with a favorable price trend in the short, medium and long terms. Click here for deeper insights into the fund, and to see how it compares with other gold and precious metal ETFs.
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GLDSPDR Gold Trust$401.703.69%OverviewMarket News and Data brought to you by Benzinga APIs
