GLD, daily
SLV, daily
Summary
*it is notable that whilst Gold has re-taken the old floor from last year, the more industrial metals of Silver and Copper remain broadly weak.
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Suffice to say... the gains in Gold are interesting.. but I just can't see this as being anything much than another bounce.
The question any Gold bug/bull needs to ask...
WHY would $1130 be a key multi-year floor?
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Happy Birthday GLD
No doubt.. many in the gold bug community remain utterly contemptuous of the precious metal ETFs, but regardless, GLD is ten years old today...
GLD launched Nov'18 2004 |
CNBC did an interesting item today...
Cheerleaders like shiny things too |
I'm not sure whether the above item is a contrary indicator, but seriously... the paper instruments of GLD and SLV have been a huge success story. Both have offered the retail trader an easy and flexible way to trade the precious metals.
I would agree there are some 'questionable' issues about both instruments, but I don't see them going away any time soon.