GLD ETF Stockpiles Soar as Rate Hike Odds Fade

The world's largest gold-backed exchange-traded fund, SPDR Gold Shares (GLD), has accumulated its biggest hoard in nine weeks, even as spot gold prices took a breather from their recent surge.

Spot gold slipped 0.5 percent to $4,449.80 per ounce on Tuesday, a modest pullback that looks more like a pause than a reversal given the metal's 11 percent gain over the past month.

The divergence between short-term price action and long-term institutional positioning tells a compelling story about where the bullion market is headed.