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SPDR Gold Trust ETF

5/25/2013, 7:20 AM ET

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Friday, May 24, 9:06 AM After spending years and billions eliminating their hedge books, gold producers (GDX) may need to return to their old habit - selling production forward - thanks to the metal's (GLD) sharp decline. "We think producers are under pressure to put on hedging," says SocGen's Robin Bhar. "The problem is it needs a cultural change ... Guys who used to hedge have lost their jobs." Renewed producer selling could put even more pressure on prices. 9 Comments [Commodities]
Thursday, May 23, 11:55 AM "The Real Bubble is Gold: and It's Deflating," writes MKM's Mike Darda, who says the key turning point was the metal's (GLD. IAU) failure to rally in wake of last fall's QE∞ inception. "Investors simply took it at face value that gold was soaring and would continue to rise because of (the Fed)." Inflation picking up will be even worse for gold, he says, as this would make the Fed an aggressive tightener of policy. 21 Comments [Commodities]
Wednesday, May 22, 2:17 PM Up as high as $1,413 following Bernanke's (at the time) perceived dovish testimony this morning, gold (GLD -0.9%) reverses along with stocks. Markets make opinions, and now the focus on Bernanke is he's prepping the markets for tapering. The just-released FOMC minutes push down gold even further, now at $1,357/oz. 9 Comments [Commodities, On the Move]
Wednesday, May 22, 10:42 AM Bernanke: Stocks continue with solid gains as the chairman suggests the Fed may never sell the massive assets it's accumulated, instead just letting them roll down. Most interesting are Treasury prices (TLT -1.1%) rolling over - the 10-year yield sunk to 1.89% as Bernanke's soft comments hit the tape, but has reversed to now threaten 2%. Gold (GLD +0.6%) has given up much of its knee-jerk gains, and the dollar (UUP +0.3%) is having none of it, higher across the board, particularly vs. the aussie (FXA -1.1%), yen (FXY -1%), and loonie (FXC -0.6%). 5 Comments
Wednesday, May 22, 10:09 AM Stocks pop higher (SPY +0.6%) as Bernanke's prepared remarks for Congress suggest an increase in QE is as likely as a "tapering." Gold (GLD +2.6%) and Silver (SLV +3.8%) get a charge, and bonds (TLT +0.5%) move higher. It's green across the board, but not participating is crude oil (USO -0.4%). Watch live here. 1 Comment [On the Move]
Wednesday, May 22, 9:16 AM Outflows from gold ETPs of 10.27 metric tons YTD have surpassed the combined inflows of the previous 2 years, according to Bloomberg. One portfolio manager notes the outflows about equal the amount mined, meaning new supply has doubled this year. "The market has a lot of metal to absorb." GLD +1.3% premarket. 16 Comments [Commodities]
Monday, May 20, 12:40 PM This just in. Precious metals (GLD +2.2%), (SLV +2.6%) are sharply higher on the session after a panicky Sunday evening plunge brought both to multi-year lows. Other than dollar weakness (UUP -0.5%) across the board, there's no news in particular - perhaps some satiated bears decided to cover and a trend took hold. 39 Comments [Commodities, On the Move]
Monday, May 20, 7:07 AM Silver (SLV) plunged to its lowest level in nearly 3 years overnight before a bounce brought it to its current price of $21.60, -3.3%. As with gold, silver ETP holdings have dropped to the lowest levels this year, and speculative short positions are on the rise, according to CFTC data. Gold (GLD) took out its April lows earlier - dropping as low as $1,338. A bounce has brought the metal back to $1,351, -1%. 17 Comments [Commodities, On the Move]
Friday, May 17, 3:55 PM The bear market in gold (GLD, IAU) has left three closed-end funds trading at abnormally large discounts to NAV, says Morningstar's Cara Esser: GTU, CEF, and PHYS. Likewise, a small selloff in municipal (MUB) paper has left these muni CEFs at attractive values: NXR, MYD, NXP. 2 Comments [Quick Ideas]
Friday, May 17, 11:57 AM "Do you really think risk-averse central bankers are going to try and catch the knife," asks Credit Suisse commodity research chief Ric Deverell about gold. "No" is his answer as this crowd only buys when the price is headed higher. Of reports of heavy physical buying, he's unimpressed, noting investment demand (ETFs) is the gorilla in the gold market. The metal's (GLD -1.6%) within a few dollars of taking out the 26-month low hit in April. 17 Comments [Commodities]
Friday, May 17, 9:38 AM Did the Fed tighten while we were getting a cup of coffee? The greenback is soaring against all other currencies, with the dollar bull ETF (UUP) gaining 0.6% - an unusually large move for that vehicle. Strength against the yen (FXY -0.3%) and the aussie (FXA -0.9%) are givens of late, but the greenback is up about 1% vs. both the loonie (FXC) and the swissie (FXF), and about 0.6% vs. the euro (FXE) and cable (FXB). Getting hit are Treasurys (TLT -0.5%), the dollar bear ETF (UDN -0.6%) and of course, gold (GLD -0.7%). 5 Comments [Global & FX]
Thursday, May 16, 7:18 AM Precious metals continue to tumble, with gold at $1,374 nearing the panicky lows (about $1,350) seen during April's liquidation. Any excuse will do in a bear market, and filings released yesterday containing data anywhere from 6 weeks to 5 months old showed continuing sales of gold ETPs by names such as Soros and BlackRock. GLD -1.3%, SLV -1.3% premarket. 9 Comments [Commodities, On the Move]
Wednesday, May 15, 6:06 PM John Paulson, whose hedge fund is the single biggest owner of the SPDR Gold Trust (GLD), maintained a 21.8M-share position even as the value of its holdings fell ~$165M in the latest quarter. But all that remains of his Barrick Gold (ABX) holdings is 36K call options vs. 915K shares at the end of 2012. Other positions in miners AU, NG, AEM, IAG and ANV were unchanged or modestly changed. 7 Comments [Commodities]
Wednesday, May 15, 11:16 AM Gold (GLD -2.1%), (IAU -2.2%) sinks back below $1,400 as the bounce since mid-April is officially over. At work here, suggests RBC Capital, is the strong stock market. To participate, foreign investors sell gold, buy dollars (UUP is up big in May), and call their stockbrokers. Commerzbank notes gold ETF outflows were another 6 tons yesterday, bringing the total since early April to 230 tons. Silver (SLV -3.1%) tags along. 34 Comments [Commodities, On the Move]
Monday, May 13, 6:44 AM India's appetite for (now cheaper) gold (GLD) drives the country's trade deficit 70% wider in April as precious metals imports more than double Y/Y. The deficit came in at $17.8B last month, up from $10.31B in March as higher import taxes on gold fail to arrest voracious demand from the world's biggest consumer. The country's trade secretary calls the figures "surprising." 3 Comments [Global & FX]
Sunday, May 12, 5:21 PM Money managers yanked $1.27B out of gold and precious metals last week, bringing the year-to-date drawdown to $20.8B. The largest gold ETF (GLD) is down 13.8% YTD. It largest shareholder, John Paulson, remains bullish on gold; his Gold Fund is down almost 50% this year. (Gold ETFs: GLD, IAU, SGOL, PHYS, AGOL, DGL, UBG, DGP, UGL, DZZ, GLL, DGZ, UGLD, DGLD, GLDI) 7 Comments [Commodities]

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