Will Gold Get the Flu? (GLD, GDX, IAU)

Photo of Douglas A. McIntyre
By Douglas A. McIntyre Updated Published
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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

Photo of Douglas A. McIntyre
About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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