Golden brick road

Guess which way is the golden brick road leading.

The market cap of SPDR Gold Trust (GLD) hit $76.7 billion on August 19. The same day, the SPDR S&P 500 Fund (SPY) – which has been the industry’s largest ETF since 1993 – had a market cap of $74.4 billion… 3.1% smaller. At the beginning of the year, the S&P 500 fund was 56% larger.

Investors are losing faith in fiat currency and seeking refuge in gold.

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