Notable ETF Movers 12/2: GDX, TUR Up; UNG, USO, THD Down

StreetInsider.com Notable ETF Movers:

HIGHER;

• Market Vectors Gold Miners ETF (NYSE: GDX) up 2.35% to $54.94. Gold maintains a high level after breaking through a record high of $1200 yesterday. Investors, losing faith in the Dollar and other currencies, are still trudging towards tangible metals.
  
  
• iShares MSCI Turkey Invest Mkt Index (NYSE: TUR) shares are up 3.93% to $49.44. J.P. Morgan recently upgraded the sector, noting that Turkish exporters may benefit from a European bounce-back. Markets in Turkey were closed at the end of last week to observe a religious holiday, but stocks traded down as fears of Gulf investors exiting the region arose. This week, on eased Dubai fears, many investors are putting their cash to work in Turkey’s banking system, which has recently benefitted from lower interest rates.

LOWER:

• United States Natural Gas (NYSE: UNG) down 3.65% to $8.71. Natural gas is definitely not a benefactor of Global Warming unless we find some way to power our A/C units with it.
  
  
• United States Oil Fund LP (NYSE: USO) down 2.30% to $38.71. Share are trading lower on crude inventories rising by 2.1 million barrels, almost triple the analyst estimate of 800,000 barrels.
  
  
• iShares MSCI Thailand Invest Mkt Index (NYSE: THD) down 2.68% to $40.63. The Thai government suspended several big construction projects valued at about $12 billion due to environmental concerns. The Bank of Thailand remarked that the suspension of these projects may affect Thailand’s GDP by as much as 0.5% in 2010.

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