- Gold prices tumble to their lowest since March 2017 amid the crashing Turkish lira, in the latest evidence that the yellow metal has lost its status as a traditional investment safe haven; gold -1.1% at $1,205.90/oz. after earlier slipping below $1,200, and silver -0.9% at $15.15/oz.
- "The safe-haven demand that has been triggered by the crisis in Turkey is going into the dollar rather than gold, which has been a trend going on for a while now," says Capital Economics analyst Simona Gambarini.
- Holdings of the SPDR Gold Trust (P:GLD) ETF (NYSEARCA:GLD), the gold sector's largest, at 25.3M oz. have dropped ~10% from their April peak and are at their lowest since February 2016.
- Among selected gold miners in premarket trading: KGC -0.9%, FNV -0.9%, ABX -1.3%, IAG -1.4%, NEM -1.7%, AU -1.7%, GOLD -2.2%, AEM -2.3%, GFI -3.1%.
- ETFs: GLD, SLV, GDX, NUGT, GDXJ, JNUG, GGN, DUST, IAU, AGQ, PSLV, SIL, PHYS, USLV, JDST, SIVR, SGOL, GOEX, UGLD, ZSL, SGDM, UGL, SLVO, SILJ, DGP, GLL, ASA, GTU, GLDI, OUNZ, SLVP, DSLV, RING, DZZ, SGDJ, DGL, DGLD, TGLDX, DBS, DGZ, PSAU, GOAU, GDXX, GYEN, BAR, GEUR, GDXS, GLDW, GHS, UBG, USV, SHNY, QGLDX, GHE, MELT, DULL, GLDM, IAUF
- Now read: GDX's Golden Buying Opportunity
Original article