Adam Koos, president of Libertas Wealth Management Group, told Myra Saefong of MarketWatch “Unfortunately for gold bulls, there is no bottom in sight from a technical viewpoint, so what looked like a bottom-forming range has now broken out to the downside,” while adding gold buyers should wait until mid-January before considering new positions.
Tapering, India’s efforts to ameliorate its current account deficit by hiking tariffs on gold and expectations of another strong year ahead for U.S. stocks are giving market observers reason to predict another glum year ahead for bullion. Since GLD debuted in 2004, it has not suffered two consecutive down years.
SPDR Gold Shares
ETF Trends editorial team contributed to this post. Tom Lydon’s clients own shares of GLD and SPY.