GLD Holdings Continue to Decline (GLD) (SLV) (GDX)
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SPDR Gold Shares ETF (NYSE: GLD) holdings declined another 0.8% to reach their lowest level since February of 2009. The drop comes as gold prices remain below $1400 per ounce.
GLD is lower by over 17% this year, a move that is causing pain to investors in precious metals, especially in light of an impressive rally in equities and SPDR S&P 500 (NYSE: SPY). iShares Silver Trust ETF (NYSE: SLV) and Market Vectors Gold Miners ETF (NYSE: GDX) haven't fared better, declined 25% and 40%, respectively.
Investors are hoping depressed prices will bring in a wave of new buyers as prices tread water above $1350, an area of support for the precious metal. Traders say a break of this level and clusters of support near $1300 could set the stage for another significant leg lower.
Meanwhile, bulls are hoping for a period of consolidation prior to second test of resistance ahead of $1500 per ounce.
SPDR Gold Shares ETF (NYSE: GLD) holding are down 24% this year and now stand at 1,023.08 metric tons.
GLD is lower by over 17% this year, a move that is causing pain to investors in precious metals, especially in light of an impressive rally in equities and SPDR S&P 500 (NYSE: SPY). iShares Silver Trust ETF (NYSE: SLV) and Market Vectors Gold Miners ETF (NYSE: GDX) haven't fared better, declined 25% and 40%, respectively.
Investors are hoping depressed prices will bring in a wave of new buyers as prices tread water above $1350, an area of support for the precious metal. Traders say a break of this level and clusters of support near $1300 could set the stage for another significant leg lower.
Meanwhile, bulls are hoping for a period of consolidation prior to second test of resistance ahead of $1500 per ounce.
SPDR Gold Shares ETF (NYSE: GLD) holding are down 24% this year and now stand at 1,023.08 metric tons.
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