real-time news and commentary for investors
Wednesday, Oct 2
Precious metals reverse yesterday's plunge
- Precious metals are flying today, begging the question of what caused yesterday's rout in the sector. Commerzbank suggests many traders had placed short-term bets gold and silver would rise amid the government shutdown - when it didn't happen, they all tried to cash out at once; the dive then fed on itself as technical levels were breached.
- Gold +2.6% to $1,319 and silver +3.3% to $21.88 have both regained about all of yesterday's loss, as have the miners, with GDX +2%, and SIL +2.2%.
- Related ETFs: GLD, IAU, SGOL, PHYS, AGOL, DGL, UBG, DGP, UGL, DZZ, GLL, DGZ, UGLD, DGLD, GLDI, SLV, SIVR, AGQ, DBS, USV, ZSL, USLV, DSLV, SLVO, GDX, GDXJ, GLDX, PSAU, NUGT, DUST, GGGG, RING, SIL, SLVP, SILJ.