February 25, 2008 at 12:00 pm by Tom Lydon
After months of up-up-and-away performance, the gold sector and exchange traded funds (ETFs) moved slightly southward this morning.
The cause of the turnaround was comments by the U.S. Treasury that it supported gold sales by the International Monetary Fund if they are part of a package of cost-cutting and other reforms. This is a change from earlier, when it had previously opposed the sales, reports Tomi Kilgore for Thomson Financial.
On the news, the Market Vectors Gold Miners (GDX), iShares COMEX Gold Trust (IAU) and streetTRACKS Gold Shares (GLD) were all down by about 1.25% in intraday trading. April gold futures dipped to $940.20 an ounce.
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