GLD: My Second-Largest Portfolio Position, On Path To Become My Largest Holding

Why It Matters

GLD’s scale and liquidity make it a primary gauge of gold exposure, influencing both institutional and retail portfolio strategies. Continued inflows and sovereign buying signal sustained confidence in gold as a hedge amid market uncertainty.

Key Takeaways

• GLD holds $174 B AUM, 1,080 tonnes gold.
• Near 10‑fold return since inception.
• ETF inflows offset retail physical gold weakness.
• Central banks continue accumulating gold reserves.
• Author plans to add on deeper pullback.

Pulse Analysis

Since its launch in 2004, the SPDR Gold Shares ETF (GLD) has become the benchmark vehicle for institutional and retail investors seeking exposure to physical gold. With over $174 billion in assets under management, the fund holds roughly 1,080 tonnes of the metal and has delivered close to a ten‑fold total return for long‑term holders. This scale gives GLD unparalleled liquidity and price transparency, making it a preferred proxy for gold price movements in portfolios ranging from hedge funds to individual retirement accounts.

Recent market dynamics have created a mixed backdrop for gold. While physical retail sales have softened amid higher opportunity costs, GLD continues to attract sizable inflows, driven by investors chasing a safe‑haven asset amid geopolitical uncertainty. Central banks have also maintained a steady pace of gold purchases, reinforcing demand fundamentals. The combination of robust ETF subscriptions and sovereign buying offsets the retail slump, supporting price stability despite short‑term volatility. As a result, GLD’s net asset value remains resilient, and its premium/discount to NAV has narrowed.

From a strategic perspective, the fund’s author treats GLD as a core holding, waiting for deeper corrections to increase allocation. The current price pullback presents a classic buying opportunity for long‑term investors who value the ETF’s low expense ratio and direct gold exposure. However, participants should monitor inflation trends, real‑interest rates, and potential policy shifts that could reignite volatility. For portfolio managers, GLD offers a liquid hedge against currency depreciation and equity market stress, while its growing AUM signals continued confidence in gold as a diversifying asset class.

GLD: My Second-Largest Portfolio Position, On Path To Become My Largest Holding

Feb. 20, 2026 12:15 AM ET · Zoltan Ban · 8.5K Followers

Summary

• SPDR Gold Shares ETF remains a buy, with long‑term fundamentals intact despite recent price volatility.

• GLD has delivered nearly a 10‑fold return since inception and currently holds over $174 billion in assets backed by 1,080 tonnes of gold.

• Recent retail weakness in physical gold sales is offset by robust ETF inflows and continued central‑bank gold buying.

• I am waiting for another significant pullback before adding to my GLD position, viewing sharp corrections as buying opportunities.

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Investment thesis

The recent gold & silver price sell‑off punctured a dramatic and long‑lasting rally in precious metals, giving rise to speculation that cracks are emerging in the gold & silver rally. Some anecdotal points of reference, such as a decline in

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Analyst’s Disclosure: I/we have a beneficial long position in the shares of GLD, SLV, SU either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

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