In Europe, S&P has warned it may downgrade Spanish debt, and Italian bond yields continue to soar “indicating sovereign risk issues will remain key risks and interest in stores of value will remain strong on a medium-term basis,” they added.
Gold ETFs such as SPDR Gold Shares (NYSEArca: GLD), iShares Gold Trust (NYSEArca: IAU) and ETFS Physical Swiss Gold Shares (NYSEArca: SGOL) were set for a higher open Wednesday.
iShares Gold Trust
Full disclosure: Tom Lydon’s clients own GLD.