SPDR Gold Shares (NYSEArca: GLD) was down 2% on Monday and has fallen sharply in September after hitting an all-time high earlier this month. State Street is the marketing agent for the ETF, which has dropped about 10% over the past week. [Silver Leads Pullback in Metal ETFs]
“At the top, everyone will be on the bandwagon,” the portfolio manager said. “Most investors and advisors don’t own gold, and those who do own it have a small allocation.”
Other factors supporting gold include worries over the U.S. debt ceiling, political gridlock, currency debasement and kicking debt problems down the road, Goolgasian added.
SPDR Gold Shares
Full disclosure: Tom Lydon’s clients own GLD.