|Bid||71.19 x 1400|
|Ask||71.22 x 1400|
|Day's Range||71.22 - 74.70|
|52 Week Range||43.60 - 83.85|
|PE Ratio (TTM)||N/A|
|YTD Daily Total Return||32.13%|
|Beta (5Y Monthly)||-0.02|
|Expense Ratio (net)||0.95%|
Gold has fallen from its record highs earlier this year when inverted yield curves, fears of slowing global growth and the U.S.-China trade war spooked investors into seeking safe haven assets like precious metals. “The macro narrative has shifted from ‘recession or no recession’ to ‘no recession or cyclical upturn’ … Given the notable lack of physical support, the critical gold support into year-end, rests on both structural investor interest recommitting and CB [central banks] interest reengaging to offset potentially strong fresh paper shorts (who are underweight),” wrote Scotiabank commodity strategist Nicky Shiels.
Per a Kitco News report, “the Institute of Supply Management (ISM) said that its Non-Manufacturing Purchasing Managers Index rose to a reading of 54.7% in October, up from September’s 52.6%. “As soon as you saw those ISM numbers you had to get out of gold,” said Phillip Streible, senior market analyst at RJO Futures told Kitco News. For traders who want double the exposure to gold prices, there’s the ProShares Ultra Gold (UGL) .
From a technical perspective, chartists are still favoring gold despite the celebratory champagne bottles popping in the stock market. “A bullish U.S. stock market that is near record highs is limiting buying interest in the safe-haven metals,” wrote Jim Wyckoff of Kitco News. For traders who want double the exposure to gold prices, there’s the ProShares Ultra Gold (UGL) .
Gold ETFs may see some uptrend on decent Indian buying on Diwali. Though demand may fall year over year on higher prices, festivities could perk up near-term demand.
|Gold 100 oz Aug20||GCQ0||78.35%|
|Bloomberg Gold Subindex Swap - Citibank Na||N/A||42.58%|
|Bloomberg Gold Subindex Swap - Goldman Sachs||N/A||42.03%|
|Bloomberg Gold Subindex Swap - Ubs Ag||N/A||37.04%|