Stocks finished the week in fine form, notching a three-day winning streak amid considerable headwinds courtesy of the folks on Capitol Hill.
The government shutdown and looming debt ceiling debate should have bolstered gold’s safe-haven allure. In reality, the opposite was true. Gold’s usual weakness in October has not been skipped this year. This week’s almost 4% drop for the iShares Gold Trust (NYSEArca: IAU) proves as much. [New Leveraged Mining ETF Loving Gold’s Decline]
This is how bad it was gold ETFs on Friday: Six of the 15 worst non-leveraged ETFs on the day were gold, silver or mining funds, according to WallachBeth Capital. As the chart below indicates, volatility ETNs were nothing to write home about, either.