Commodities & Metals
Will Gold Get the Flu? (GLD, GDX, IAU)
Published:
Last Updated:
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
Get Ready To Retire (Sponsored)
Start by taking a quick retirement quiz from SmartAsset that will match you with up to 3 financial advisors that serve your area and beyond in 5 minutes, or less.
Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests.
Here’s how it works:
1. Answer SmartAsset advisor match quiz
2. Review your pre-screened matches at your leisure. Check out the advisors’ profiles.
3. Speak with advisors at no cost to you. Have an introductory call on the phone or introduction in person and choose whom to work with in the future
Get started right here.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
