ETF Daily News
Gold ETFs Glisten As US Dollar Sells Off
August 17, 2012
Gold ETFs received a boost from investors planning for another round of quantitative easing as reports illustrated weak housing and manufacturing data in the U.S. economy, according to an article published by Investor’s Business Daily.
The SPDR Gold Shares (NYSEArca: GLD), the world’s biggest physical gold ETF, and the Market Vectors Gold Miners ETF (NYSEArca: GDX) gained 0.74 and 2.60 percent, respectively, according to the article. Also, the PowerShares DB U.S. Dollar Index Bullish (NYSEArca: UUP) dropped 0.44 percent.
Some analysts see this movement as a short-term rally, suggesting investors should sell to counter falling gold prices. Others view this as a trading opportunity, transitioning to gold from stocks in anticipation of weaker stocks and high gold prices, the IBD article said.
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