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Reuters first to report a huge leap in gold holdings

Reuters was almost a day ahead on Sept 30 in reporting a huge leap in gold holdings by the world`s biggest gold-backed exchange-traded (ETF), a keenly watched indicator of investor demand for bullion. Networking with gold traders and industry officials at a conference, Reuters learned that the SPDR ETF was set to report a 30-tonne increase in holdings to a new record high after a surge in demand the previous day, when investors shocked by the U.S. rejection of a $700 billion bailout package rushed for the safety of bullion. The SPDR trust confirmed the figure only late in the day, while other agencies reported the rise a full day later. The news was cited widely in analyst reports.

Article Tags
Type: Reuters Best
Sectors: Commodities & Energy
Regions: Americas
Countries: US
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