After Month's Of Gains, Gold Gives A Little Back Today (GDX, GLD, DGL, More)
Gold is taking a serious hit today, with the December 09 contracts down about $44.50 to $1171.80, on today’s better-than-expected jobs number. Opening action had the Dow Jones Industrial Average up 1.4% to 10,516.57, and subsequently dropped back to 10,311.81 before posting a recovery. The dollar has been strong all day, and gaining strength as the Euro has fallen 1.46% versus the USD today.
Investors have been flocking to Gold as a safe haven (along with silver, platinum, and any other precious or semi-precious metal) as the U.S. dollar weakens. With today’s reversal in the dollar, investors in gold are busy locking in steady profits they’ve seen over the past months.
Gold has made the move from around $850/oz. in late 2008, to closing above a record high of $1200/oz. this week, representing a change of about 41% over the course of one year.
A few ETF’s that have seen gain’s with gold YTD:
Investors have been flocking to Gold as a safe haven (along with silver, platinum, and any other precious or semi-precious metal) as the U.S. dollar weakens. With today’s reversal in the dollar, investors in gold are busy locking in steady profits they’ve seen over the past months.
Gold has made the move from around $850/oz. in late 2008, to closing above a record high of $1200/oz. this week, representing a change of about 41% over the course of one year.
A few ETF’s that have seen gain’s with gold YTD:
- Market Vectors Gold Miners ETF (NYSE: GDX) up 47%, eclipsing the Dow’s gain of 17% YTD. GDX is down 6.84% to $49.87 today though;
- SPDR Gold Shares (NYSE: GLD) up 32%, 4.29% down to 113.61 today;
- iShares COMEX Gold Trust (NYSE: IAU) up 31%, and down 4.36% to $113.65 today;
- PowerShares DB Gold (NYSE: DGL) up 30% on the year, but down 4.54% to $41.42 today; and
- Market VECTORS Junior (NYSE: GDXJ) down 6.77% to $26.58 on the session. (This one’s only a few weeks old.)
You May Also Be Interested In
- Midday movers: Netflix, Super Micro fall; Paramount Global gains
- White House issues statement as Iran launches drone attack against Israel
- Fed policy on hold because of 'stalled' progress on inflation, Goolsbee says
Create E-mail Alert Related Categories
General News, Insiders' BlogSign 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!