SPDR Gold Shares (NYSEArca: GLD) crashed nearly 9% on Monday as more than 90 million shares traded hands, an all-time high.

Monday’s action exceeded the previous volume record of 79.2 million shares set on December 4, 2009.

Not including Monday’s redemptions, GLD had seen net outflows of $9.8 billion year to date, according to IndexUniverse. That is nearly triple the ETF with the next-largest outflows. [Gold ETF Lowest Since 2011 as Key Support May Crumble]

“Gold doesn’t really model well on a supply-demand basis, but those ETF flows are enormous,” Queen Anne’s Gate Capital CIO Kathleen Kelley said in a CNBC.com report.

The CBOE Gold ETF Volatility Index, known as the “Gold VIX,” jumped more than 60% on Monday as bullion prices dropped below $1,400 an ounce, Reuters reports. The benchmark measures the market’s expectations of how volatile SPDR Gold Shares will be in the next month.

GLD is down 23% the past six months with gold falling into a bear market after the 2011 all-time high.

SPDR Gold Shares

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Full disclosure: Tom Lydon’s clients own GLD.

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