“The employment numbers were better than consensus, which suggests the Fed ‘may’ consider stopping bond purchases sooner,” said Peter Hug, global trading director at Kitco Metals, in a MarketWatch report, although he added that he doesn’t agree with that view. “The numbers were neutral at best and I continue to believe that the Fed will maintain course, at least into fall.” [Gold ETFs Still a Good Portfolio Diversifier Despite Price Pullback]
GLD was down about 16% year to date heading into Friday’s trading. GDX, the gold miner ETF, was down about 35%.
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Full disclosure: Tom Lydon’s clients own GLD.