Gold and its exchange traded funds (ETFs) are real attention hogs. Sure, the metal is pretty to look at. It’s shiny. But it’s also being outperformed by other decidedly less sexy metals.
streetTRACKS Gold Trust (GLD) and iShares COMEX Gold (IAU) are not too shabby: they’re up year-to-date by 6.3% and 5.7%, respectively.
That’s all well and good, but consider:
- Market Vectors Steel (SLX) is up 14% year-to-date
- iShares Silver Trust (SLV) is up 12.7% year-to-date
- PowerShares DB Base Metals (DBB) is up 17.2% year-to-date
So, why does gold get the lion’s share of the headlines, even as it’s retreated from record prices? It dipped below $900 on Thursday, falling almost 15% off those records, reports Atul Prakash for Reuters. The metal rose slightly today but it’s expected that more downward pressure lies ahead, as some concerns about the credit crisis have eased.