Commodities & Metals
Will Gold Get the Flu? (GLD, GDX, IAU)
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Gold is not being used by industry right now and demand for jewelry remains highly unexciting, but many traders are still using the shiny metal stuff for the ultimate flight to safety for protecting against uncertainty and inflation. Some ETFs we track, SPDR Gold Shares (NYSE:GLD), Market Vectors Gold Miners ETF (NYSE:GDX), and iShares COMEX Gold Trust (NYSE:IAU) were all off around 1% in pre-market trading this morning.
That indicated drop is still the case after five minutes of trading. And that, apparently caused gold in London to drop back under $907/ounce in those same five minutes.
The price of gold in London this morning had fallen about $8/ounce, to just over $907/ounce. As the NYSE opened, though, gold jumped more than $1.00.
If the threat to global health and the global economy from the swine flu worsens, gold prices could move up.
Paul Ausick
April 27, 2009
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