Gold Holding by the Gold iShares ETF

The amount of gold held by the gold iShares (shown in amber) has recently increased, but still has caught up with the increase in the value of the ETF shares (in white). The graph is normalized so that both time series start at 100. The bottom graph shows the ratio of the two series; its peak illustrates the fact that the gold reserves of the ETF are low by historical standards -- but of course, the value of that reserve has increased, which is not reflected here.



Another way to look at the same data, since the beginning of the index on Bloomberg. Gold holdings, in weight, increased by almost 20% while shares jumped more than 34%. Gold holdings are in Troy ounces.