Friday, December 4, 2009

It's Abandon Ship...

for weak holders of gold.

The exchange-traded gold bullion fund, SPDR Gold Shares, was down 5% Friday afternoon on record trading volume as the gold price fell. More than 70 million shares have traded hands with an hour of trading to go. It's the highest volume in its history. The gold ETF was launched in late 2004 and has assets of more than $40 billion.



UPDATE: Gold closed down $49 per ounce to settle at $1,169,

2 comments:

  1. Hey Bob --
    you seem to be the only other person blogging this..

    Can you believe that middling jobs report did that?

    http://mindbodypolitic.com/2009/12/04/jobs-report-signals-possible-rise-in-interest-rates/

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  2. "Hey Bob --
    you seem to be the only other person blogging this"

    Someone doesn't read Zerohedge, and I certainly don't believe the jobs report did that. How much is on tap next week, $131B? With a nasty rumor of Japan thinking of divesting >2/3rds that amount, I think the massaged BLS is a minor part of this action. And Mr. Wenzel - all ETF "holders" are weak hands, they just don't know it yet.

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