commodities

Gold traded 0.42% lower in the New York session amid strength in the greenback

Gold traded 0.42% lower in the New York session  amid strength in the greenback

Gold

  • Gold is trading at $1341.20 per ounce at 09:40 GMT this morning, 0.07% lower from the New York close.
  • This morning, the precious metal traded at a high of $1344.10 per ounce and a low of $1339.90 per ounce.
  • Yesterday, gold traded 0.42% lower in the New York session and closed at $1342.20 per ounce, amid strength in the greenback. Immediate downside, the first support level is seen at $1337.80 per ounce, while on the upside, the first resistance level is at $1346.70 per ounce.

Don’t buy the gold miners until this happens: Technical analyst

<a href="http://clicks.pipaffiliates.com/afs/come.php?id=8363&cid=62963&atype=1&ctgid=1111" target=_self> <img src="http://ads.pipaffiliates.com/afs/show.php?id=8363&cid=62963&ctgid=1111" width="250" height="250" border=0> </a>

Gold traded 0.42% lower Gold mining stocks have skyrocketed this year, and at this point investors might want to wait before hopping into the hot trade.

“Gold stocks are still in a primary uptrend, but have been pulling back recently with the other defensive areas of the market,” MKM technical analyst Jonathan Krinsky said Monday on CNBC’s “Trading Nation.”

READ  $XAUUSD Gold prices climb to highest levels in 6 weeks

Yet even with a recent dip, the popular GDX ETF tracking the miners has surged 115 percent in 2016.



“Typically in bull markets and precious metals, you will see the equities outperform the commodity, and that’s what we’ve seen for the most part of this year,” he said. “So if you look at the ratio of GDX versus [gold-tracking ETF] GLD, as long as that ratio is moving higher and the primary trend is higher, it’s probably [fine].”

Stifel Nicolaus portfolio manager Chad Morganlander encourages investors interested in gold to buy the GLD rather than the GDX.

“There is individual equity risk when buying the miners,” while in GLD, “you could get the thematic right by buying GLD and actually hedge your bet on your portfolio overall,” Morganlander said on “Trading Nation.”

Click here for reuse options!
Copyright 2016 Investors Buz
Jadtecnic
Richard Dambrosi (JADTECNIC) Has Been Sharing Forex Analysis Trending Markets News since 2011. Editors and Founder of InvestorsBuz.com , has a passion for Forex Social Sharing analysis and Market Trends Such as Self Driving Cars , Electric Cars, Medical Marijuana , 3d printing and Cloud computing , Refers to Readers as BUZ INVESTORS.

One thought on “Gold traded 0.42% lower in the New York session amid strength in the greenback

  1. “Stifel Nicolaus portfolio manager Chad Morganlander encourages investors interested in gold to buy the GLD rather than the GDX.”

    I’ve been trying to do my due diligence into the SPDR Gold Trust (GLD). Anyone know why there is a clause in the GLD prospectus that states GLD has no right to audit subcustodial gold holdings? Why would the organizations behind GLD forfeit this right and create such a glaring audit loophole? I have not heard a single good reason for the existence of this loophole thus far. It also doesn’t help that GLD claims to be fully backed by physical gold bullion but yet it refuses to give retail investors the right to redeem for any of these ‘claimed’ gold bullion. There are a number of other red flags as well from what I’m reading:

    “Did anyone try calling the GLD hotline at (866) 320 4053 in search of numerical details on GLD’s insurance? The prospectus vaguely states “The Custodian maintains insurance with regard to its business on such terms and conditions as it considers appropriate which does not cover the full amount of gold held in custody.” When I asked about how much of the gold was insured, the representative proceeded to act as if he didn’t know and said they were just the “marketing agent” for GLD. What kind of marketing agent would not know such basic information about a product they are marketing? It seems like they are deliberately hiding information from investors.

    I remember there was a well documented visit by CNBC’s Bob Pisani to GLD’s gold vault. This visit was organized by GLD’s management to prove the existence of GLD’s gold but the gold bar held up by Mr. Pisani had the serial number ZJ6752 which did not appear on the most recent bar list at that time. It was later discovered that this “GLD” bar was actually owned by ETF Securities.”

Leave a Reply