Gold Worthless as Europe Sucks Wind (GLD) (IAU) (SLV)
Tweet Send to a Friend
Market's open this week sharply lower as the crisis in Europe escalated. Notably bond yields in Spain hit the fan, so to speak, with 10-year treasures trading at record highs near 7.5 percent. Panicky investors dumped equities around the globe and industrial metals, such as copper, found little love.
In recent years, fringe economists have touted gold and the gold ETF, SPDR Gold Shares (NYSE: GLD), as the end-all be-all safe-haven asset, but if true, that story has yet to play out. Instead, as the crisis in Europe escalates, investors are dumping 'risk' assets and piling into the U.S. dollar and U.S. government bonds, which are seeing record low yields. Precious metals, meanwhile, are mostly trading lower.
SPDR Gold Trust ETF (NYSE: GLD) is lower by 0.82 percent in early trading on Monday. Spot gold trades at $1571 per ounce. Silver is also trading lower at $26.88 iShares Silver Trust ETF (NYSE: SLV) is lower by 1.6 percent.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
In recent years, fringe economists have touted gold and the gold ETF, SPDR Gold Shares (NYSE: GLD), as the end-all be-all safe-haven asset, but if true, that story has yet to play out. Instead, as the crisis in Europe escalates, investors are dumping 'risk' assets and piling into the U.S. dollar and U.S. government bonds, which are seeing record low yields. Precious metals, meanwhile, are mostly trading lower.
SPDR Gold Trust ETF (NYSE: GLD) is lower by 0.82 percent in early trading on Monday. Spot gold trades at $1571 per ounce. Silver is also trading lower at $26.88 iShares Silver Trust ETF (NYSE: SLV) is lower by 1.6 percent.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
You May Also Be Interested In
- Gold Pares Losses as Fed Tapering Questioned (GLD) (IAU) (SLV)
- Crude Inventory Declines 624K Barrels vs Gain of 450K Expected
- Cooperman's Omega Advisors Gets Into Gold and Silver ETFs (GLD) (GDX) (SLV) (more...)
Create E-mail Alert Related Categories
Commodities, ETFs
Login with Facebook
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
