After peaking at over $1,900 an ounce in August 2011, gold prices are down around 12%, as of this writing, to about $1,670. Nevertheless, investors' demand for gold bullion ETFs has not dulled.

Global gold exchange traded product holdings have risen to a record level of 78 million ounces, reports, while the largest gold ETF, SPDR Gold Shares (GLD) pulled in $1.3 billion from investors in the past four weeks, increasing its asset base to $67.5 billion.

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