Gold Daily Price Recap
The end of a 4 day positive run has come for Gold, which finished the day prior down 0.46% ($7.94996). On a relative basis, Gold was the worst performer out of all 5 of the assets in the metals asset class today. Here is a daily price chart of Gold.
Gold Technical Analysis
The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. For another vantage point, consider that Gold’s price has gone up 6 of the previous 10 trading days.
Overheard on Twitter
For laughs, fights, or genuinely useful information, let’s see what the most popular tweets pertaining to Gold for the past day were:
- From Lord_Snooty_III:
@GlobalProTrader @RealDavidJensen @Mist671 @LawrenceLepard @jimeppelin @NedNL @BullionStar @POTUS @themarketear @Jkylebass @ronanmanly While central bank leasing of gold is available to the GLD custodian, then the continued purchasing of GLD shares will not have as big an impact on the gold price as it could since free-float gold is not being used to provide the supply.
- From Trisseswe:
@Scalper_Trader This gold price environment is obviously good for all in the industry. Sense of urgency to do deals should all else equal go up which fits perfectly w strategy. Turkey deals more relevant too! Great w cash influx today. Smaöö cash but relevant vs mcap as its microscopic =)
- From Scalper_Trader:
#ORR Could this be that dramatic move finally? All about the gold price here, the higher the price the more valuable the acreage..
#IAMGOLD certain to develop the mine with gold at this price! AISC very attractive..Market cap a tiny £3m. Staggering when you look at the map..
For a longer news piece related to XAUUSD that’s been generating discussion, check out:
The largest gold ETF is the “SPDR Gold Trust,” which is traded on the New York Stock Exchange Arca (NYSE Arca) under the symbol “GLD.” In this article, we will examine how GLD works to understand its role in the gold market and its impact on the gold price….In the primary market, ETF shares are created and redeemed by “Participating Dealers.” It’s mainly through the creation and redemption process of shares that the ETF price tracks the price of the associated asset….One GLD share represents 0.1 ounce of gold….The GLD share price tracks the gold price, mainly through arbitrage….The APs must have been buying gold and creating shares….Their incentive for creating shares was likely that the GLD price (occasionally) was trading at a premium to the spot gold price.