Precious Metals
iShares Gold Trust (IAU), GLD, GDX ETFs outflows are accelerating
Investors are dumping their gold assets as prices continue plunging. The closely watched iShares Gold Trust (IAU) and SPDR Gold Trust (GLD) ETFs have now…
Investors are dumping their gold assets as prices continue plunging. The closely watched iShares Gold Trust (IAU) and SPDR Gold Trust (GLD) ETFs have now had outflows in the past four straight months and the situation is getting worse.
IAU, GLD, GDX outflows continue
Data compiled by ETF.com shows that the iShares Gold Trust, which has over $24.7 billion in assets, lost over $1.1 billion in September after losing $875 million in August and $271 million in July. In all, the fund has shed over $2.1 billion this year. Notably, it has lost funds in five of the last nine months.
The same is true with the SPDR Gold Trust Trust, the biggest gold-focused ETF, with over $52.2 billion in assets. Like the IAU ETF, the fund shed over $998 million in September after losing $1.4 billion in August. It has lost more than $2.4 billion this year.
Gold miner ETFs have also seen substantial outflows in the past few months. The closely watched VanEck Gold Miner ETF (GDX) also lost more than $327 million in September, It has lost over $664 million this year.
Investors are dumping gold ETFs because of the falling prices. Gold price has plunged to $,1847, the lowest level since March 10th. It has dropped by more than 11.37% from the highest point this year, meaning it has moved into a correction.
US dollar index surge continues
Gold’s sell-off has come at a time when the US dollar index (DXY) has jumped to a multi-month high of $106.7. The greenback has risen by over 6% from the lowest level this year. Its comeback continued after the strong US inflation data followed by the hawkish Federal Reserve.
In its September meeting, the Fed decided to leave rates unchanged between 5.25% and 5.50%. It also pointed to another 0.25% rate hike in the coming meeting, which will push them to the highest point in decades.
Watch here: https://www.youtube.com/embed/U7n4v3HHdZ8?feature=oembed
The IAU, GLD, and GDX ETFs also saw outflows as stocks and bonds continued falling. The key long-term bond ETFs like TLT, VGLX, and BND stocks plunged to the lowest point in years. Similarly, key indices like the Russell 2000, Dow Jones, and the Nasdaq 100 indices have dropped sharply in the past few months.
The IWM ETF, which tracks the small-cap Russell 2,000 index has dropped by over 12% from the YTD high as many companies struggle in a high-risk environment.
Therefore, gold’s performance has raised questions about its role as a safe haven and a hedge against inflation.
The post iShares Gold Trust (IAU), GLD, GDX ETFs outflows are accelerating appeared first on Invezz.
Canadian Silver Co. Will See Big Changes in 2024
Source: Michael Ballanger 12/22/2023
Michael Ballanger of GGM Advisory Inc. takes a look at the current state of the market and shares on stock…
EGR options out Urban Berry project in Quebec to Harvest Gold – Richard Mills
2023.12.23
EGR Exploration Ltd. (TSXV: EGR) has moved from owner to shareholder at its Urban Berry project in Quebec, this week announcing it is optioning…
Crypto, Crude, & Crap Stocks Rally As Yield Curve Steepens, Rate-Cut Hopes Soar
Crypto, Crude, & Crap Stocks Rally As Yield Curve Steepens, Rate-Cut Hopes Soar
A weird week of macro data – strong jobless claims but…