The outlook for gold — as the granddaddy of gold ETFs turns 20

SPDR Gold Shares represented a quantum leap in making gold more widely available. Until then, investors who wanted to own gold had limited choices.

The grandaddy of gold

s had been around in the United States since 1993, when State Street Global Advisors launched the S & P 500 Trust business The timing of the GLD could not have been more fortuitous. Gold had been outperforming the S & P 500 since the dot-com bust began around mid-2000. For the next several years, with the exception of a brief pause in 2008, gold went almost straight up, from the low $400s to $1,900 by September 2011. Investor interest in the GLD exploded.

, the United States Oil Fund , and the first leverage and inverse products in 2006. The first bitcoin

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