March 17, 2008 at 1:00 pm by Tom Lydon
Aye, laddie. Lookin’ for a pot of gold at the end of the rainbow via an exchange traded fund (ETF) this St. Patrick’s Day, are ye?
Okay, we’ll stop with the accent.
It turns out that although gold futures briefly hit a new record this morning, at $1,033 an ounce, reports Pham-Duy Nguyen for Bloomberg, gold-related ETFs aren’t feeling the love this jovial holiday.
Market Vectors Gold Miners (GDX) was down 3% intraday, while streetTRACKS Gold Shares (GLD) was up just slightly and iShares COMEX Gold Trust (IAU) was down a hair. Overall, these funds have been very strong for awhile now because of the high price of gold.
If you got in on the gold rush before the prices really began to soar, you could probably spring for a round or two tonight at the bar.
Meanwhile, we’re still waiting for an Ireland ETF. The only way to access the Emerald Isle at the moment is through the New Ireland Fund (IRL), a closed end fund (CEF).
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