Loading ...UPDATE 1-Gold ETFs swing wildly at close of trading
Wed Dec 3, 2014 6:04pm EST
Dec 3 (Reuters) – A popular exchange-traded fund of gold miners dove nearly 10 percent in the waning seconds of trading on Wednesday, the latest in a series of unusual moves in single securities on heavy volume this month.
Nearly five million shares of the Market Vectors Gold Miners ETF changed hands in the last minute of trading as the fund dipped from $19.67 to a low of $17.72 on the day. The ETF is traded on NYSE Arca, one of the exchanges operated by the New York Stock Exchange.
The NYSE said that NYSE Group exchanges did not initiate any trade reviews, suggesting there were no complaints or requests to cancel the trades from any broker.
In a near-mirror image of the GDX drop, the Direxion Daily Gold Miners Bear ETF, a leveraged exchange-traded fund, rallied nearly 8 percent in the last two minutes of trading activity, also on heavy volume.
Just two days ago, shares of Apple Inc dipped 6 percent within a minute’s time in a surge in volume. Traders linked the action to institutional sell programs. (Reporting By David Gaffen; additional reporting by Caroline Valetkevitch; Editing by Chris Reese and Grant McCool)