Gold Worthless as Europe Sucks Wind (GLD) (IAU) (SLV)
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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.
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.
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