GLD and IAU are both among the 10 worst ETFs in terms of 2013 outflows. Making matters worse is that professional traders are not bullish on gold in the near-term. “Data from US Commodity Futures Trading Commission showed hedge funds are now the least bullish on the yellow metal since 2007 when bullion traded for $700 an ounce,” according to Mining.com.
Mining ETFs are offering no relief. The Market Vectors Gold Miners ETF (NYSEArca: GDX) lost almost 1% after Iamgold (NYSE: IAG) said “it has suspended future dividend payments until further notice.” That news forced the stock down almost 11%. Iamgold accounts for almost 1.4% of GDX’s weight. [Tax-Loss Selling Could Weigh on Mining ETFs]
SPDR Gold Shares
ETF Trends editorial team contributed to this post. Tom Lydon’s clients own shares of GLD.