Trump Win Sparks $1 Billion Outflow from World’s Biggest Gold ETF

SPDR Gold Shares (NYSEARCA: GLD), the world’s largest gold-backed ETF, saw a major shift as investors withdrew over $1 billion last week, marking the most significant outflow since July 2022.

This came in response to Donald Trump’s election victory, which spurred a rally in US stocks and the dollar, reducing gold’s appeal. The sell-off in GLD contributed to a 1.9% drop in spot gold prices and extended a two-week decline in gold-backed ETF holdings, based on Bloomberg data.

Leading up to the election, many investors sought gold as a safe haven, concerned about potential political uncertainty. However, Trump’s clear victory, including his success in critical swing states and the Republican retention of the Senate, prompted a shift. With the election outcome no longer uncertain, investors seized the opportunity to cash in on their gold investments.

Trump’s win has strengthened the dollar and fueled optimism in the stock market, making gold less attractive, especially for those holding foreign currencies.

Also read: Bitcoin Reaches Record High Following Trump Win

Meanwhile, cryptocurrencies like Bitcoin gained traction amid Trump’s positive stance on digital assets and a potentially crypto-friendly Congress. On Monday, gold prices continued their decline to a one-month low, with gold mining stocks also seeing a drop.


Information for this story was found via Bloomberg, and the sources and companies mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

New Found Gold: The Strategic Maritime Resources Purchase

Amex Exploration: Revised Perron PEA Has INSANE Economics

Aris Mining: The Multi Billion Dollar Soto Norte PFS

Recommended

Canadian Copper Secures $8 Million Lead Order From Ocean Partners As Part Of Larger Funding Round

Northern Superior Expands Philibert With 350 Metre Step Out Testing 1.10 g/t Gold Over 25.5 Metres

Related News

Gold Flash Crash: A Psychological Rather Than Financial Event – The Daily Dive

Joining us back on the Daily Dive is Rick Rule, the former President and CEO...

Tuesday, August 31, 2021, 01:30:00 PM

Gold Crosses $2,000 An Ounce Amid Market Fears

Gold this morning hit a new 52-week high before giving back some of its gains....

Monday, March 20, 2023, 08:34:07 AM

For $1 Billion, Trump Promises To Expedite Permits Including Environmental

U.S. President-elect Donald Trump has once again ignited debates with a bold promise aimed at...

Wednesday, December 11, 2024, 12:07:00 PM

Goldman Sachs Upgrades Gold Price Forecast in Light of Growing Demand

Goldman Sachs has upgraded its gold price forecast for the current year, citing a shift...

Wednesday, March 9, 2022, 03:09:00 PM

Lodge Closes Expanded Private Placement With Gross Proceeds of $1.49 million

Lodge Resources (CSE: LDG) last night quietly announced that the company has completed the final...

Tuesday, May 12, 2020, 03:10:01 PM