Its peer, $6.35 billion iSharesGold Trust ( IAU ), also invests in physical gold. "The Fed appears to have relatively little actual inflation ammunition to pull the trigger on rate hikes," Mike McGlone, head of U.S. research for ETF Securities, wrote April 14. "An allocation to gold should probably only occupy a small portion of a well-diversified portfolio," wrote Ben Johnson, global director of ETF research for Morningstar.