Gold's struggled for the last couple of months, but is still well ahead of equities for the year. The move, however, has yet to attract money into gold ETFs - one of the favored vehicles for trend-chasing goldbugs. The SPDR Gold Trust (GLD) has shed more than $450M in assets YTD, and competitor iShares Gold Trust (IAU) has brought in a tiny $79M.
"There hasn’t been much interest or optimism in actually owning gold ETFs," says Ned Davis' Neil Leeson.
In more immediate news, gold (along with Treasurys) has staged an impressive reversal today, piercing through $1,300 per ounce after dipping to $1,275 in the moments following the strong jobs number this morning. GLD and IAU each up 1.1%