Jeffrey Gundlach has a warning for investors piling into gold-backed ETFs: Don’t think you’ll get the physical metal back.
State Street Corp.’s $50 billion SPDR Gold Shares ETF, ticker GLD, attracted $2.9 billion of inflows last week, its biggest haul since 2009, as haven demand amid escalating coronavirus fears boosted the metal. Meanwhile, assets in gold ETFs climbed to a record on Tuesday, according to data compiled by Bloomberg.
The demand for such ETFs is flashing a warning sign for DoubleLine Capital’s chief investment officer, who cautioned against the products during a webcast Tuesday. Continue Reading →