COVID-19 Panic Sparks Record-Breaking Gold Buying Binge During First Quarter

COVID-19 Panic Sparks Record-Breaking Gold Buying Binge During First Quarter

The COVID-19 pandemic has made investors go crazy for gold so far this year.. The investments include the grand-daddy of all bullion ETFs, the SPDR Gold Shares (GLD).. The SPDR Gold Shares is up 8.6% in the year to Wednesday, while the S&P 500 index is down 17.7% over the same period, according to data from Yahoo.. "I think gold is going to go higher," says Axel Merk, founder of Merk Investments, the company that runs the VanEck Merk Gold Trust (OUNZ) ETF, which is another bullion fund.. "Historically, in times of crisis people like to have gold.". The price of the metal tends to zag while other investments zag.. So far this year, that is what has happened with stocks down and prices for the metal higher..