Gold ETF value soars to record high

Investors have accumulated the largest-ever gold hoard this week as Europe's deteriorating debt crisis has prompted investors to flock to safe havens.

Holdings in exchange traded products backed by gold reached a record 2,350.8 metric tonnes on Wednesday, valued at $127.4bn, according to Bloomberg data. The data also showed investors are expecting the price of gold to rally next week. Hedge funds and other speculators increased their net-long position by four weeks, the longest stretch since March, according to the Commodity Futures Trading Commission. Analysts have said the appeal of gold is increasing as other safe havens become less attractive. Yields on seven year US treasuries fell to a record low of 1.415% on Wednesday, ...