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
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