Loading ...GLD (SPDR Gold Shares NYSE) is the world’s largest gold-centric Exchange Traded Fund (ETF). On Friday June 21, 2019
– a record single day’s inflow (gold buying) of over $1.5 billion took place.
This stampede, led by hedge funds and “algos” (automated computer buy/sell programs based upon volume ows and trigger price points) involved dollar amounts substantially eclipsing the record set during the 2008 global panic.
The price of gold rose to a 6-year high, left a series of gaps on the way up, and smashed through all sorts of technical “resistance” points on traders’ charts around the globe.
At the same time, silver – almost unnoticed because its rise was relatively muted – broke out on the strongest volume since 2011, printing its second highest Up Volume ever!
So what is going on? When a major market movement like we witnessed
in late June takes place, everybody looks for an answer. And everyone has an opinion.
But the only
opinion which really matters – that of the Market – usually takes a while to reveal itself.