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SPDR Gold Trust ETF (GLD)

  • May 8, 2012, 9:46 AM
    Gold tumbles over the last hour, hitting support (as the technicians might say) of $1,610. Beyond that, the next stop on the charts may be Dec. 2011's low of about $1,525. GLD -1.6%. The gold miners - as usual - taking it worse, GDX -3.2%.
  • May 5, 2012, 12:00 PM
    The "disconnect" between the price of gold and the valuations of the companies digging it out of the ground hits John Paulson, whose Advantage Plus fund lost 6.7% during April thanks to big bets on gold miners. Gold-mining stocks have gotten hammered of late - far worse than what the price of bullion would suggest. Why a reversion to the mean may be in the offing.
  • May 4, 2012, 3:21 PM
    "Civilized people don't buy gold," Charlie Munger tells CNBC, prompting a couple of nice replies. From John Defeo, "... they buy 1/3 of the world's silver," referring to The Oracle's 2001 foray into that metal. "When one is fully invested in a fiat currency system both financially and in terms of legacy, you might say (that)," writes Robert Sinn.
  • May 4, 2012, 10:54 AM
    A sharp decline turns into a free-fall, WTI crude at $97.90/barrel, now more than $8 cheaper than it was about 72 hours ago. USO -4.3%. Previously moving solidly higher, gold reverses to turn slightly red at $1,634/oz. GLD -0.2%.
  • May 2, 2012, 3:53 PM
    A look at the ratio of gold stock prices to both the price of gold and to the S&P 500 shows just how depressed they are, writes Robert Sinn. A break in the stock market may or may not be good for gold miners, but should be an outstanding catalyst for a reversion to the mean in both ratios, he says.
  • May 1, 2012, 8:20 AM
    A round-up of the performance of key ETFs shows Treasurys (TLT) as the only one down for the year, even as government paper had the best performance of any during April. Worst in April, but highest YTD are the financials (XLF), with the REITs (VNQ), S&P 500 (IVV), and Emerging Equity (EEM) rounding out the top 4. Was April just a pause in risk, or the start of a trend?
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  • Apr. 30, 2012, 5:02 PM
    The swoosh down in gold this morning may have been the result of a $1.24B "fat finger" in which 7.5K contracts were offered, cutting prices $15 in minutes. By days end, the metal regained all that was lost, finishing flat - for the day and the month - at $1,665/oz.
  • Apr. 30, 2012, 8:57 AM
    Gold takes a quick tumble, dropping nearly 1% in minutes to $1.650/oz. (taking silver along for the ride, or vice versa). The fall comes as HSBC hits the tape, cutting its 2012 average gold forecast to $1,760 from $1,850 on a "sharp decline" in Indian demand and reduced expectations for QE.
  • Apr. 26, 2012, 11:00 AM
    The charts show interesting moves for the precious metals, with gold and silver bottoming out of multi-week bear moves right as the FOMC released its policy statement (more ZIRP) yesterday. Since then, gold is 2% higher to $1,658, silver up 3.5% to $31.01.
  • Apr. 23, 2012, 1:02 PM
    A dose of reality for gold bugs from Matthew Kidman, who cautions that gold morphed from a fear trade into a greed trade after prices continued to march higher post crisis. While bulls cite strong demand, "the reality is the supply of bullion far outstrips demand, [and] that is going to be the case well into the future."
  • Apr. 23, 2012, 9:18 AM
    "Market forces are driving a de facto return to the gold standard," argues Lew Spellman. In a world where good collateral is scarce, and what does exist yields close to zero, "gold is stepping up to the plate." All that's left is for regulatory recognition, which may be coming in the form of a Basel proposal to make gold a bank capital Tier 1 asset.
  • Apr. 20, 2012, 12:20 PM
    May is an important month for gold stocks, says Jordan Roy-Byrne, noting the yellow metal has seen important interim tops/bottoms then in nearly each year of its decade-plus bull run. It's possible, he says, May 2012 could mark an important bottom, a la 2005. Russ Koesterich adds don't take your eye off the ball - the Fed remains gold's best friend.
  • Apr. 20, 2012, 11:30 AM
    Richard Woolnough adds to last week's thoughts from a colleague that the BoE could just cancel the gilts it holds to improve the U.K.'s finances. What the 2 are describing is the alchemy of fiat money - allowing governments to issue debt denominated in the currency which their (supposedly) independent central banks can print. It works swimmingly, until it doesn't.
  • Apr. 17, 2012, 10:05 AM
    Among 4 trends in central banking looked at by Kate Mackenzie is a move towards nominal GDP targeting (and away from inflation targeting). The RBI took the baton last night, focusing on slowing GDP and cutting rates even as inflation remains high. The Fed and the BOE have shown their inclination towards this line of thinking as well.
  • Apr. 17, 2012, 7:26 AM
    Gold sales from Australia's Perth Mint - which processes all of the country's bullion - fell 9.6% Y/Y in March, with silver sales off 39%. A manager at the facility blames the better vibes in global financial markets. "Since the GFC hit, we've experienced peaks and troughs ... at the moment we're just in a trough." Gold +0.5% to $1,675.
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  • Apr. 13, 2012, 2:45 PM
    Gold gets no bid from the sell-off in risk assets as a casual drift downward steepens in the last hour, -1.5% to $1,654. Silver -3.3% to $31.46.
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GLD Description
The objective of the SPDR® Gold Trust† is for the Shares to reflect the performance of the price of gold bullion, less the Trust's expenses.
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