Physical gold market punished by thriving ETF investments



An explosion in gold-backed exchange-traded fund (ETF) investment is squeezing participants in the metals industry as speculation drives up prices. The world's largest exchange-traded gold fund, Statestreet's SPDR Trust, now manages more than 1,000 tonnes of bullion, and is set to overtake the holdings of the Swiss National Bank as ETFs become the most popular way of investing in commodities.

"Most investors who want to access the precious metals market use ETFs and gold-backed bonds. It is

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