Trading around 87, the Gold/Silver Index, which is not the underlying index for GDX, is trading mere pennies away from its 10-year low notched in July.
Gold ETFs, both mining and physically-backed funds, do not appear to be buy-and-hold investments at the moment. Not when better pricing could avail itself. Goldman Sachs and Morgan Stanley are among the major global banks that have recently sound bearish tones on bullion. Last month, Bank of America Merrill Lynch slashed its 2014 forecast on gold by 17.2% to $1,294 an ounce. Prior to that, Citigroup said it sees gold averaging $1,250 an ounce next year. [More Pain for Gold ETFs]
SPDR Gold Shares
ETF Trends editorial team contributed to this post.