The largest exchange traded fund for gold, SPDR Gold Shares (NYSEArca: GLD), saw inflows last week despite taking a huge hit last Wednesday.
Our market technician David Chojnacki noted that short term technical support levels were violated last Wednesday, but positive longer term technicals are still intact.
We also note that the 50 and 200 day moving averages in GLD, as well as in another popular Gold ETF, iShares Gold Trust (NYSEArca: IAU), are both relatively in line with each other currently and seemed to provide some technical support and relief last week during the fallout. [State Street ETF Fires Back at Buffett on Gold]
For those potentially looking to add to long positions in Gold or establish new positions, there are alternatives available in addition to GLD and IAU (which are currently the two largest Gold focused ETFs based on assets under
They include ETFS Physical Swiss Gold Shares (NYSEArca: SGOL), PowerShares DB Gold Double Long ETN (NYSEArca: DGP), PowerShares DB Gold (NYSEArca: DGL), ProShares Ultra Gold (NYSEArca: UGL), ETFS Physical Asian Gold Shares (NYSEArca: AGOL), VelocityShares 3X Long Gold ETN (NYSEArca: UGLD) and UBS E-TRACS CMCI Gold Total Return ETN (NYSEArca: UBG).
SPDR Gold Shares
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Full disclosure: Tom Lydon’s clients own GLD.