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Gold ETFs Up on Tapering Fears; Higher Physical Demand

  +Follow August 20, 2013 10:02AM
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While gold is still down for the year, a perfect storm of tangible events and intangible fears are causing the precious metal to regain some of the value it has lost in the year.

The widespread assumption concerning the US federal stimulus program is that it will be “tapered off” from $85 billion a month to $65 billion. When and if this happens, demand will increase and domestic investors will seek to stash their wealth in the yellow metal.

Physical demand abroad is also driving up the price of gold. While analysts had been concerned that China’s meteoric rise could soon wane, or even start crashing, the country has reported better than expected trade numbers, keeping demand for metals up.

India, which has been adjusting to widespread corporate reform and a fast devaluing rupee, is preparing to enter a traditional gold-buying season which should prop up demand. The Hindi festival Raksha Bandhan began on Aug. 20, usually a healthy time for gold buying in the country.

On Aug. 19 gold hit a two month high, largely correcting a 23 percent drop experienced in the second quarter of 2013.

Gold ETFs fared well on gold’s surge. Market Vectors Gold Miners ETF ($GDX) gained 3.53 percent to hit $30.26 a share. PowerShares Global Gold and Precious Metals ($PSAU) gained 3.42 percent to hit $24.48 a share.

On Aug. 20 the New York-based ETF sponsor Direxion reverse split several of its ETFs , including one of the most popular gold mining ETFs, Direxion Daily Gold Miner Bull 3x Shares ($NUGT). The 10 to 1 reverse split raised the price of NUGT from $8.70 to $87.70 a share prior to trading. The ETF gained an additional 10.06 percent on the day to hit $96.34 a share.

Gold is  up .50 percent to hit $1,372.60 an ounce.

(image courtesy of Flickr)

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Results for gdx
StockenheimerSchmidt
27 Mar 15 12:03:59
$RCGP Has More Than Tripled In Value In The Past 2 Days! Big News: http://t.co/RWkbXZLnwm $MDMT $COHO $GDX
Anthony Verdone
27 Mar 15 11:53:42
$GDX I am bearish until price can close over yesterdays high.
Market Int Center
27 Mar 15 11:53:33
Market Vectors Gold Miners $GDX Showing Bearish Technicals With Support At $18.26 ( http://t.co/U5F9BfTQ8y )
Geo
27 Mar 15 11:43:21
Commented on: "Gold Moving Up, But Watch Out For Whipsaw" http://t.co/etpTCRtuxt $GLD $GDX $GDXJ $IAU
Sufiy
27 Mar 15 11:30:01
RT @LobanovaNatalie: Los Azules: ”One of the World’s largest undeveloped #Copper deposits“ - according to McEwen #Mining https://t.co/CZKaO…
Anthony Allyn
27 Mar 15 10:56:33
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$NUGT $GDX Kabounceski red>green
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http://t.co/O5akYXpMLF <-- This millionaire trader changed my life! $CYBR $CY $INTC $GDX $TTPH #stocks #trading
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27 Mar 15 10:23:25
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Find your own trading path. $MAT $TSM $IWM $PFE $GOOG $AAPL $DRC $LVS $CL $WTW $APC $GDX http://t.co/l9JkTCtpHR http://t.co/jsmUX6elCw
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$RCGP Has More Than Tripled In Value In The Past 2 Days! Big News: http://t.co/RWkbXZLnwm $PZG $APOG $GDX
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RT @KimbleCharting: Metals Complex-Uber important message coming from here? $GLD $SLV $GDX $GDXJ $USDJPY http://t.co/K2Pw3juRMr
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RT @KimbleCharting: Metals Complex-Uber important message coming from here? $GLD $SLV $GDX $GDXJ $USDJPY http://t.co/K2Pw3juRMr
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27 Mar 15 09:28:38
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27 Mar 15 09:28:36
#Gold Miners ETF GDX - last: $18.96 @ 12:13pm EST 3/27/2015 http://t.co/z1c9wjzI17 $GDX
john pagnotta
27 Mar 15 09:02:58
RT @KimbleCharting: Metals Complex-Uber important message coming from here? $GLD $SLV $GDX $GDXJ $USDJPY http://t.co/K2Pw3juRMr
Cody Freeman
27 Mar 15 08:57:49
RT @KimbleCharting: Metals Complex-Uber important message coming from here? $GLD $SLV $GDX $GDXJ $USDJPY http://t.co/K2Pw3juRMr
Chris Kimble
27 Mar 15 08:52:08
Metals Complex-Uber important message coming from here? $GLD $SLV $GDX $GDXJ $USDJPY http://t.co/K2Pw3juRMr
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27 Mar 15 08:45:35
Gold Chart update: http://t.co/fP849V7Eeg $GC_F $GLD $GDX
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27 Mar 15 08:39:29
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Markos Kaminis
27 Mar 15 08:37:24
Commented on: "Gold - Hello Inflation, My Old Friend" http://t.co/Klxwz84s7z $GDX $GDXJ $GG $GLD
Stuart A. Brown
27 Mar 15 08:11:27
RT @chessNwine: NEW POST: Last Chance to Refuel http://t.co/nPBGb3osqj $GDX $GDXJ $GLD $JDST $JNUG
Stuart A. Brown
27 Mar 15 08:10:48
"@chessNwine: NEW POST: Last Chance to Refuel http://t.co/fXXPgpKd91 $GDX $GDXJ $GLD $JDST $JNUG"
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27 Mar 15 08:09:01
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Venky Srinivasan
27 Mar 15 08:05:11
"@chessNwine: NEW POST: Last Chance to Refuel http://t.co/8sGScszKH7 $GDX $GDXJ $GLD $JDST $JNUG"
Chess
27 Mar 15 08:02:57
NEW POST: Last Chance to Refuel http://t.co/nPBGb3osqj $GDX $GDXJ $GLD $JDST $JNUG
Kirill Klip
27 Mar 15 07:47:11
RT @TNR_Gold: Rob McEwen: Los Azules #Copper - ”The Glimmer of Hope for #Argentina.“ https://t.co/fr8VKi4R9H $TRRXF $MUX $GDX $BHP $FCX $T…
Kirill Klip
27 Mar 15 07:46:54
RT @TNR_Gold: Los Azules: ”One of the World’s largest undeveloped #Copper deposits“ - according to McEwen #Mining https://t.co/WdbbatpgOs $…
Kirill Klip
27 Mar 15 07:46:46
RT @TNR_Gold: Has Eric Sprott called the second Low in #Gold? https://t.co/MEGWgz9xs9 $GLD $GDX $GDXJ
Natalie Lobanova
27 Mar 15 07:40:47
RT @TNR_Gold: Confused #FED, 18 Trillion dollars in debt and All-Time-High markets - it is going to be interesting. https://t.co/Ab5EWcwsRl…
Mark Freeman
27 Mar 15 07:31:53
$GLD update: $gdx $gdxj $gld $abx funny seeing all the desperate people on here that reappear every time this thing fails to bounce buy $aap
Kirill Klip
27 Mar 15 07:30:51
RT @TNR_Gold: Confused #FED, 18 Trillion dollars in debt and All-Time-High markets - it is going to be interesting. https://t.co/Ab5EWcwsRl…
DayOfReckoning
27 Mar 15 07:18:17
RT @ABXCMBX: $GC back to $1200. $GLD $GDX
Macro Trader
27 Mar 15 07:17:54
$GC back to $1200. $GLD $GDX
Sufiy
27 Mar 15 07:10:05
RT @kirillklip: Confused #FED, 18 Trillion dollars in debt and All-Time-High markets - it is going to be interesting. https://t.co/ioV8TRYf…
Sufiy
27 Mar 15 07:10:03
RT @kirillklip: TNR Gold: Shotgun Gold Project Presentation January 2015. by @kirillklip #alaska #gold http://t.co/MgzhUDRv7P via @SlideSha…
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27 Mar 15 07:03:26
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#sentishiftup $ALE $T $CSCO $MSFT $C $GDX $INVT $UWTI $GS $ICPT #sentiquant 20150327 10:00:05:474
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27 Mar 15 06:53:29
$DUST (long) $GDX $NUGT Good place to lock in (some) profit at $17.35 Up 15.0% since alert at $15.52 March 24th http://t.co/U1cw13gRB0
Sufiy
27 Mar 15 06:49:16
RT @kirillklip: TNR Gold Building New Royalty Company: 25.5% in International #Lithium and 2% Royalty on Mariana Lithium https://t.co/uX3V…
Mining HardAssets
27 Mar 15 06:48:26
RT @TNR_Gold: Rob McEwen: Los Azules #Copper - ”The Glimmer of Hope for #Argentina.“ https://t.co/fr8VKi4R9H $TRRXF $MUX $GDX $BHP $FCX $T…
Bill Tsamis
27 Mar 15 06:47:27
added $NUGT $10.11 $GDX just filled gap I looked for on Wednesday
David Durand
27 Mar 15 06:46:47
$GDX exit yesterday when GDX was still positive for the day was "correct." $GLD
Kirill Klip
27 Mar 15 06:38:27
RT @TNR_Gold: TNR Gold: Shotgun Gold Project Presentation January 2015. by @kirillklip #alaska #gold http://t.co/V7rnzeIiwo via @SlideShare…
Mining HardAssets
27 Mar 15 06:37:40
RT @kirillklip: TNR Gold Building New Royalty Company: 25.5% in International #Lithium and 2% Royalty on Mariana Lithium https://t.co/uX3V…
Sqwii
27 Mar 15 06:35:17
$GDX $GLD Gold selling off further below 1200 today , looking good and bad if you bought above 1200ish give me a flush please. #Gold
Sufiy
27 Mar 15 06:32:01
RT @TNR_Gold: Rob McEwen: Los Azules #Copper - ”The Glimmer of Hope for #Argentina.“ https://t.co/fr8VKi4R9H $TRRXF $MUX $GDX $BHP $FCX $T…
				
				
  +Follow August 20, 2013 10:02AM
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