Gold Trust Holdings are Indicative of Gold Pricing...

On December 30th, 2008, SPDR Gold Trust (GLD) announced that its holdings have risen to a new record.

SPDR Gold Trust is the world’s largest gold-backed, exchange-traded fund. The trust issues securities that are backed by physical gold. The trust’s physical holdings rose a staggering 5 tons on December 29th to an all-time record high. The rise, which indicates a three percent gain (22.1 tons) for the month of December, rose from 775.33 tons on December 26th to 780.23 tons in total holdings.

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Iran Trading Cash for Gold?

The Associated Press announced late last week that Iranian newspapers are stating that Iran is converting reserves into gold.

The newspapers are quoting Mojtaba Hasemi Samareh, who is the top advisor to President Mahmoud Ahmadinejad. Saying that the decision to buy gold was executed at the order of Ahmadinejad.

Iran reportedly has $120 billion in reserves. It is unknown how much of the reserves has been converted to gold.

Roughly 80% of Iran’s foreign revenue comes from oil. The decision to buy gold follows recent, dramatic drops in oil prices.

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