The iShares S&P GSCI Commodity Indexed Trust (GSG) is down 13.3% year-to-date, and down 42% in the last three months.
The one commodity that is rising up amid the turmoil is a precious metal: gold. Gold prices rose 5% higher this morning, taking other precious metals with them, as the uncertainty is driving investors to a safe haven.
Jan Harvey for Reuters reports that spot gold has surged to its strongest level since late March. Investors are rushing to gold as the markets continue their turbulent and volatile ride, thanks to the ability of the metal to hold its value over time. Interestingly, the factors that normally push gold higher are heading lower, and risk aversion is what’s propelling it.
The SPDR Gold Shares (GLD) is up 12.9% year-to-date
Read the disclosure, as Tom Lydon is a board member of Rydex Funds.