Editor’s Note: Related Tickers: SPDR Gold Trust (ETF) (NYSEARCA:GLD), Direxion Shares Exchange Traded Fund Trust Bear (NYSEARCA:DUST), Barrick Gold Corporation (USA) (NYSE:ABX), Direxion Shares Exchange Traded Fund Trust Bull (NYSEARCA:NUGT)
Double Bottom or Double Trouble for GLD? (Investorplace.com)
The price action of the SPDR Gold Trust (ETF) (NYSEARCA:GLD) over the last several weeks has been a big concern in the national media and with individual investors’ portfolios. Everyone has been quick to weigh in on their conspiracy theories, predictions and fundamental policies for owning the yellow metal.
As I look at the chart of SPDR Gold Trust (ETF) (NYSEARCA:GLD) during the past 12 months, you can see that it peaked in October 2012 and has been on a slow trajectory downward ever since. The high to low over this time frame was -24.36%, which is a bear market in itself. The quick snapback recovery since the April 2013 lows was quickly tempered by a renewed downward slog, and we are once again approaching these lows.
Credit: SPDR Gold Trust (ETF) (NYSEARCA:GLD)
CEF Weekly Review: Aberdeen Indonesia Fund (Seeking Alpha)
The U.S. dollar is up to 1.4% this week. Gold prices are down -6.1%. Gold fell for the seventh day on Friday. Direxion Shares Exchange Traded Fund Trust Bear (NYSEARCA:DUST) and DB Gold Double Short ETN Powershares (DZZ) are likely candidates for a further falling gold.Copper is also down -2.0%, while Oil is up by 0.2%.
Time for Gold Bulls to Abandon Hope: Yamada (Yahoo! Finance)
Gold and silver prices are down big, hitting new multi-year lows to start off the week. Retail investors still clinging to the idea that the decline in precious metals was transitory have been getting battered in 2013 with the SPDR Gold Trust (ETF) (NYSEARCA:GLD) and iShares Silver Trust (SLV) ETFs falling 19% and 27% respectively. Louise Yamada, head of LY Technical Research Advisors, says the glitter twins of trading need to rebuild from the ground up, a process that will take years. “It’s like a steel ball wrecking crane coming through your house; it’s going to take time for the mason, the carpenter and electrician to put it all back together.”
Immersion Corporation (NASDAQ:IMMR) down by 3.79%, Barrick Gold Corporation (USA) (NYSE:ABX) (GSPInsider)
Barrick Gold Corporation (USA) (NYSE:ABX) went down by 3.53% to close at $18.58 on Friday down by $0.68. On Friday the stock opened at $19.13, traded between $18.47 and $19.20, with a volume of about 20.58 million, this compares to the 90 day average volume of 17.61 million the relative volume of the share is 1.17. The company had a net profit margin and operating profit margin of 25.05% and 39.10% respectively in the first quarter of 2013. The net profit margin and operating profit margin for the full year 2012 was -4.65% and -5.73% respectively. The return on average assets and return on average equity were 7.16% and 15.26% respectively during the first quarter of 2013.
Top Losers in Pre-market Today, May 20 (MarketsNTrade)
Direxion Shares Exchange Traded Fund Trust Bull (NYSEARCA:NUGT) is currently trading at $8.06 down -2.0% in pre-market on 2700 shares traded. NUGT’s RSI is currently at 28.65 which indicates that the stock is oversold. NUGT is trading -56.04% below its 50 day moving average and -83.11% below its 200 day moving average. Direxion Shares Exchange Traded Fund Trust Bull (NYSEARCA:NUGT) is -91.53% below its 52-week high and -4.20% below its 52-week low.