Loading ...GLD, actually LOST gold yesterday
When it comes to gold – just like yesterday when we had to give respect to the big rally in the mining shares, so today we must give respect to the fact that the miners are sinking once more. The HUI is off over 4% with the junior-laden GDXJ getting pummeled once more as it is off more than 5.5% as I type up these comments.
Also, as one of our regular posters noted ( we are all watching that now) the big gold ETF, GLD, actually LOST gold yesterday – almost 5.5 tons to be precise. Apparently those in that vehicle used the big rally yesterday to get out. The ETF is now down 36.14 tons since the beginning of the year. For those who are bullish on gold, that is not an encouraging sign. One wants to see the reported holdings climbing on rallies, not shrinking.
I am noticing that silver is having trouble holding its gains above the key chart resistance level near $17.50. It managed to push past that level earlier in the session ( failing to make it as far as more formidable overhead resistance near $18.00) but has since fallen back. Copper is continuing to hold above $3.00 which is helping silver but with the Goldman Sachs Commodity Index continuing to swoon, one has to be skeptical about the extent of any upward moves in these metals continuing much further.