by Mark O’Byrne
Gold ETF, the iShares Gold Trust, had to stop issuing new shares in its $7.7 billion on Friday as a “surge” in investment demand for gold caught out the provider of the ETF and the world’s largest money manager, BlackRock Inc.
[…] According to a statement from the company
“Since the start of 2016, in response to global macroeconomic conditions, demand for gold and for IAU has surged among global investors,” causing the ETF to expand its assets under management by $1.4 billion this year alone.
“This surge in demand has led to the temporary exhaustion of IAU shares currently registered under [law]. We are registering new shares to accommodate future creations in the primary market by filing a Form 8-K to announce the resumption of the offering of new shares,” according to the statement.