SPDR Gold Holdings 22 years of buying and selling since2004
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The SPDR Gold Trust (GLD) began trading on 18 Nov 2004 with just 8.09 tonnes and peaked at 1,353.35 tonnes on 7 Dec 2012 — it currently holds 1,041.65 tonnes (data as of 23 Oct 2026), or about 77.0% of its record
The amount of gold SPDR holds shows whether investors holding gold through ETFs are adding or cutting. This article splits 22 yearsof data into 6 periods, each showing how many tonnes the fund bought or sold, where GLD went, and how to read the numbers
Quick summary
- Over the first 8 years (2004–2012), the fund bought gold almost every year, reaching a record 1,353.35 tonnes
- The biggest selling year was 2013, with outflows of 552.60 tonnes, the same year GLD fell 28.29%
- 2021–2024 saw GLD keep rising, yet the fund sold gold every year — SPDR doesn’t always move with the gold price
- In 2025, the fund returned to buying 198.04 tonnes, with GLD up 63.68%, the most in 22 years
2025–presentA new buying cycle
In 2025, the fund added 198.04 tonnes, ending the year at 1,070.56 tonnes, its largest net purchase since2020. GLD ended the year at $396.31, up 63.68% Over the same period, many central banks kept buying gold, and markets expected US interest rates to fall
2026 saw holdings peak at 1,101.33 tonnes (27 Feb 2026) and bottom at 999.02 tonnes (17 Jul 2026). Latest holdings: 1,041.65 tonnes, net year to date −28.91 tonnes
Note Holdings have been moving in a range of about 1,000–1,100 tonnes still below the2012 record by about 250–350 tonnes
2021–2024Prices up, gold flowing out
Over the 4 yearsof this period, the fund was a net seller every year, totalling 298.22 tonnes from 1,170.74 tonnes to 872.52 tonnes 2021 saw the heaviest selling, 195.08 tonnes and2022, when US rates rose sharply, saw another 58.02 tonnes
Interestingly, GLD’s 2023 gain was 12.69% and2024 gain was 26.66%, even though the fund kept selling. Buying in that period came from central banks and Asian buyers more than Western ETF investors
Note In this period, SPDR flows alone couldn’t predict gold’s direction — you need to watch buying from other sources too
2019–2020COVID crisis, heavy buying
In 2019, the fund resumed buying 105.58 tonnes and2020 saw another 277.49 tonnes, the second-largest annual net purchase after2009 Holdings peaked at 1,278.82 tonnes on 21 Sep 2020. GLD’s 2020 gain was 24.81%, closing at $178.36
Note In a panicked market with near-zero rates, money poured into gold ETFs fast — and flowed out just as fast once things calmed down the following year
2013–2018The heaviest selling in the fund’s history
2013 saw gold prices plunge as markets expected the US to taper its stimulus. The fund sold 552.60 tonnes in a single year, from 1,350.82 tonnes to 798.22 tonnes, and GLD fell 28.29%. It kept selling for another 2 years, bottoming at 630.17 tonnes on 17 Dec 2015
In 2016, the fund returned to buying 179.80 tonnes before levelling off around 790–840 tonnesuntil2018. Net selling over the whole period totalled 563.15 tonnes
Note In years when gold fell hard, the fund tended to sell along with the price, so outflows helped confirm that the downtrend had weight
2009–2012Climbing to a record
After the global financial crisis, in 2009 the fund bought 353.39 tonnes, the most in its history, taking holdings to 1,133.62 tonnes and kept rising to a record 1,353.35 tonnes on 7 Dec 2012 Over the 4 yearsof this period, net buying totalled 570.59 tonnes, and GLD rose from $86.55 to $162.01
Note With central banks pumping money and rates very low, investors used gold ETFs as a safe haven more than ever
2004–2008Launch and steady accumulation
The fund started with 8.09 tonnes on day one, closing2004 at 94.86 tonnes and bought roughly 150–190 tonnes a year until closing2008 at 780.23 tonnes, and GLD rose from $43.80 to $86.55 ETFs made it easy for ordinary investors to buy gold through the stock market for the first time
SPDR gold holdings by period Holdings at the end of each period (latest period uses latest data) · Net = buying minus selling during the period
| Period | Holdings (tonnes) | Net (tonnes) | GLD | Pattern |
|---|---|---|---|---|
| 2025–2026 | 1,041.65 | +169.13 | $366.61 | New buying cycle |
| 2021–2024 | 872.52 | −298.22 | $242.13 | Prices up, gold flowing out |
| 2019–2020 | 1,170.74 | +383.07 | $178.36 | COVID crisis, heavy buying |
| 2013–2018 | 787.67 | −563.15 | $121.25 | Heavy selling |
| 2009–2012 | 1,350.82 | +570.59 | $162.01 | Record high |
| 2004–2008 | 780.23 | +780.23 | $86.55 | Steady accumulation |
Why does SPDR buy or sell gold?
Gold pays no interest. When rates are high or rising, investors often sell gold for bonds
A weaker dollar makes gold cheaper for buyers in other currencies, and money tends to flow into gold ETFs
Financial crises, pandemics or conflicts push investors into gold as a safe haven
ETF investors tend to buy as prices rise and sell as they fall, so flows often follow the price
These factors don’t always work at the same time. 2021–2024 is an example: gold rose but the fund sold, because high rates made ETF investors cut gold while central banks kept buying
Checklist before using SPDR data
- Look at the trend over several weeks — don’t judge from a single day
- Daily buying or selling of 5–10 tonnesis large; most days move less than 3 tonnes
- Dates are US dates, published after the New York close
- Watch it alongside the gold price and US interest rates — SPDR is only part of global gold demand
- Past figures don’t predict future prices. Always manage your risk when you trade
Summary Over 22 years, SPDR’s holdings ranged from 8.09 tonnes to a peak of 1,353.35 tonnes. Heavy buying usually came during crises or low rates, and heavy selling usually came with falling gold prices — but there were also periods when prices rose while the fund sold. SPDR data is best used to gauge ETF investor demand alongside other data, not as a trading signal on its own
Sources: gold holdings and GLD closing prices from SPDR Gold Shares (historical data) compiled in this page’s SPDR Holdings Explorer · annual figures are year-end values