The SPDR Gold Trust (GLD) is seeing three times its normal trading volume amid volatility in the price of gold. The fund has given back early gains amid a significant decline in gold this morning. Gold traded as high as $989.50, but was recently near unchanged for the day at $974.50. The $15 drop coincided with a sell off in crude oil. Crude fell as much as $8.00 in midday trading, and was recently down $6.18 to $139 a barrel. The SPDR Gold Trust hit a high of $97.50 a share, and was recently up .25 to $96.17. In the options market, trading in GLD is active, as players flocked to call options this morning (excessive bullishness?). A total of 107,000 GLD calls traded, compared to just 4,700 put options.
Category: All ETFs
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Frederic Ruffy is a well-known trader, writer, and strategist who has spent years educating investors and creating intelligent, insightful, unbiased market observations that are frequently cited by the Wall Street Journal and other financial publications. As senior analyst, Fred provides frequent and regular notes and daily updates for activity of interest.