Nevertheless, over the short-run, the markets are undergoing a short-term correction as speculators unwind technical gold positions. [Traders See Gold Bargains as ETFs Shed $45 Billion]
The SPDR Gold Trust (NYSEArca: GLD) has declined 17.8% year-to-date, the ETFS Gold Trust (NYSEArca: SGOL) is down 17.8% and the iShares Gold Trust (NYSEArca: IAU) is 17.7% lower.
SPDR Gold Trust
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Max Chen contributed to this article.