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Understanding gold
What moves gold
Much of gold demand comes from investors and central banks holding it as a store of value, alongside jewelry. Its price tends to respond to real (inflation-adjusted) interest rates, the U.S. dollar and demand for safety; it has no earnings to anchor it.
Reading the GLD proxy
SPDR Gold Shares (GLD) is a grantor trust holding allocated gold; its net asset value is set from the LBMA Gold Price PM. The 0.40% annual fee is paid in gold, so each share represents slightly less gold over time.