The SPDR Gold Fund (GLD) is taking a hit. Shares are down $4.68 to $78.63 and fell to $78 a share (lowest since September 17) after the precious metal tumbled $39 to $800 an ounce. Several factors conspiring to send gold lower: 1) after moving higher early, the euro has given up early gains and is trading lower for a second day against the buck (1.345). 2) crude oil is down 70 cents to $73.84 ahead of weekly inventory data due out a bit later this morning. 3) there is a modest flight from save haven investments this morning. For instance, while the benchmark ten-year Treasury is down 6/32nd, the CBOE Volatility Index (.VIX) is down 1.53 to 67.72.
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.