A Healthcare Surprise? Gold Drops, Silver Hits 52-Week Low (GLD, SLV, SLW, GDX)
The financial world has been waiting for the decision from the United States Supreme Court on Obamacare and the reaction depends upon which sector and asset class you are following. We have seen a very mixed reaction in the healthcare…
This post may contain links from our sponsors and affiliates, and Flywheel Publishing may receive compensation for actions taken through them.
From time to time, gold is a flight to the ultimate safety against a world of currency devaluation. At other times it is a risk asset. It is always supposed to be a hedge against inflation, as long as the dollar is not strengthening against other currencies. And silver, let’s just say that it has been called “The Devil’s Metal” for a reason as it is often considered the more speculative play around gold.
SPDR Gold Shares (NYSEMKT: GLD) is down 1.3% at $150.85 and iShares Silver Trust (NYSEMKT: SLV) is down 1.75% at $25.67. We would advise traders, investors, and metals speculators that the 50-day moving average on gold’s GLD ETF (at $155.66 today) acted as a drag earlier in June and the trust is almost $5.00 shy of that mark today.
Silver has been seeing an even harder time and the SLV has now broken under the $26 support level. An intraday low of $25.46 went under the 52-week low of $25.65. Silver Wheaton Corp. (NYSE: SLW) is down 2.5% at $25.50 but its 52-week low is $22.94.
Gold miners are following gold south as the ETF of Market Vectors Gold Miners ETF (NYSEMKT: GDX) is down 2.3% at $43.25 and its 52-week low is $39.08.
JON C. OGG
Contact [email protected] for any questions or corrections.
Jon Ogg has been a financial news analyst since 1997. Mr. Ogg set up one of the first audio squawk box services for traders called TTN, which he sold in 2003. He has previously worked as a licensed broker to some of the top U.S. and E.U. financial institutions, managed capital, and has raised private capital at the seed and venture stage. He has lived in Copenhagen, Denmark, as well as New York and Chicago, and he now lives in Houston, Texas. Jon received a Bachelor of Business Administration in finance at University of Houston in 1992. www.247wallst.com.