📝 Executive Summary
SPDR Gold Shares (GLD), holding roughly 32.3 million ounces of gold worth about $130.1 billion in its latest filing, remains the largest physical gold ETF. The article argues its scale, global listings, and transparency justify its 0.4% expense ratio. record central-bank gold buying in Q2 2026 underpins a bullish structural backdrop for the fund and bullion.