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Solid gold

Exchange-traded funds were estimated to hold about 67.6 million troy ounces of gold as of Aug. 31, up 4.5 million troy ounces since the end of 2016. The rising trend began in early 2016 amid a historically poor start to the year; ETF managers added 15.2 billion troy ounces to their portfolios last year, selling off briefly as gold spot prices dipped following the post-election equity surge.

The industry’s largest gold ETF, State Street’s SPDR Gold ETF, has net assets of about $36 billion as of Tuesday’s close, up about $6 billion net from the end of 2016 and added $4 billion since the start of August. The fund is up more than 15% year-to-date.