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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)

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions.


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Results for gdx
BullTrade Corp.
31 Oct 14 00:30:06
Gold $GLD getting pounded. $JDST to $35 on Friday? $JNUG to....$4? $GDX $GDXJ
Helmsman
31 Oct 14 00:24:04
Okay... Stay calm. I don't have any idea what my puts will be worth tomorrow... $GLD $GDX
Stock Relay
31 Oct 14 00:16:04
$DDD Ask Size Click Here: http://t.co/UUCDG5lPw2 Also See: $GDX $ACHN $XIV $EFA ~
jim50
31 Oct 14 00:07:57
$CSIQ Filings Click Here: http://t.co/QpB2U5eHjV Also See: $SPLK $SMN $GDX $INTC ~
lookn4wins
30 Oct 14 23:29:27
$CLF Last Trade Click Here: http://t.co/KK5vue8qER Also See: $GDX $WFC $WMIH $GDX ~
DailyStockPicks
30 Oct 14 23:27:35
Partner Jet $PJT.V is up 183% this week after Q3 release with more gains coming. Find out why: http://t.co/MEpEjkCm4H $GDX $HPQ $CHK
kam
30 Oct 14 23:12:46
$GDX look like taking a super train towards 2009 lows much faster than I posted on TTM post #13,14 http://t.co/maXHCpJWuP $gg $abx $GLD
Stock Relay
30 Oct 14 22:55:04
$CSCO Ask Size Click Here: http://t.co/MmNx3w2XV7 Also See: $CMI $JDST $GDX $HAL ~
Jake13
30 Oct 14 22:46:28
$CCO.TO Stock Message Board Click Here: http://t.co/AHvWPrQzga Also See: $FB $GDX $VXX $FCX ~
Langan Stocks
30 Oct 14 22:43:21
$CELG Prev Close Click Here: http://t.co/mGUqQBfNT5 Also See: $GDX $BABA $BITA $EPI ~
lookn4wins
30 Oct 14 22:23:40
$BTU Bid Size Click Here: http://t.co/kmzMeL0bpo Also See: $HD $UVXY $GLD $GDX ~
Gotham City Capital
30 Oct 14 22:22:07
@zerosum24 I'm guessing 1000 is the big mama level in gold.. Think we also see near-term bottom for swing trade at double-bottom $GDX
LouisLouie
30 Oct 14 21:57:11
@KoolerAid wow large dump on big contracts too. Maybe 1180 by morning ! $jdst $jnug $gdx $gdxj
Stock_Tracker
30 Oct 14 21:55:04
$BMRN Ideas Click Here: http://t.co/vUrX68dvHd Also See: $NLNK $CREE $PLUG $GDX ~
Stock Relay
30 Oct 14 21:54:18
$CELG Volume Click Here: http://t.co/FCp2yELqTO Also See: $GDX $SRPT $MA $FB ~
MasterChartsTrading
30 Oct 14 21:23:03
GoldCorp $GG lost 13% today in a #gold miners share rout that took $GDX to its multi year low http://t.co/0qHnjdZjQP; http://t.co/NJhx4HEcLb
Stock Relay
30 Oct 14 21:12:09
$BTU Filings Click Here: http://t.co/aVEDxkJqT8 Also See: $GLW $GDX $NLNK $AAPL ~
Stockaholics
30 Oct 14 21:06:47
Our Penny Stock Newsletter Alert On MGON Closed up 112.5% Today! Major News: http://t.co/dvxYQnSJab $PZG $APOG $GDX
Jablonski
30 Oct 14 20:59:24
RT @etfguide: (Video) "Precious metals are in a multi-year bear market downtrend." w/@allstarcharts https://t.co/lsUMSw7MBn $GLD $GDX $DUST…
B
30 Oct 14 20:52:46
$GDX..am i suggesting it cant go to $15 or worse?..no, im just suggesting there is some probability of $28... http://t.co/ba8t8QYtW6
B
30 Oct 14 20:50:06
$GDX is at levels u may not see again in ur lifetime..just look at the weekly chart, u tell me...(wink)...
clayton
30 Oct 14 20:25:28
$ATRA Change Click Here: http://t.co/hZandeYWVe Also See: $GDX $SSO $UUP $FL ~
Edward Gofsky
30 Oct 14 20:14:55
"@Vetr: Good Grief, This is What’s Happening With Gold Miners ETFs $NUGT $GASL $DUST $JNUG $GDXJ $GDX $JDST http://t.co/a7mGq5MTlg"
Mike Zaccardi, CMT
30 Oct 14 20:00:10
$GDX fell 11.6% from pre-FOMC yesterday to today's low
Stock Relay
30 Oct 14 19:52:18
$BABA Last Trade Click Here: http://t.co/ZJ8Jjb11mZ Also See: $GDX $SPLK $DRYS $TQQQ ~
Mike Zaccardi, CMT
30 Oct 14 19:51:58
$GDX volume among the biggest in last few years. Although dollar volume falls short of prior spikes http://t.co/7qdoG1EQe0
PolgarStocks
30 Oct 14 19:38:46
$AMZN Current Price Click Here: http://t.co/W5fCHVJ06j Also See: $GDX $VMW $GDX $SLV ~
jim50
30 Oct 14 18:56:32
$AMBA Change Click Here: http://t.co/jbUJmiNlr6 Also See: $AAPL $CSIQ $GDX $SMN ~
Stock Relay
30 Oct 14 18:53:57
$ANV Chart Click Here: http://t.co/JwhP4VPkci Also See: $GDX $HAL $DAL $SPLK ~
Half Full Publishing
30 Oct 14 18:40:24
RT @etfguide: (Video) "Precious metals are in a multi-year bear market downtrend." w/@allstarcharts https://t.co/lsUMSw7MBn $GLD $GDX $DUST…
Ron DeLegge
30 Oct 14 18:38:10
RT @etfguide: (Video) "Precious metals are in a multi-year bear market downtrend." w/@allstarcharts https://t.co/lsUMSw7MBn $GLD $GDX $DUST…
ETFguide.com
30 Oct 14 18:37:42
(Video) "Precious metals are in a multi-year bear market downtrend." w/@allstarcharts https://t.co/lsUMSw7MBn $GLD $GDX $DUST $GLL $GLTR
Scott Smith
30 Oct 14 18:28:16
I'm quite well with it if I happen to miss the bottom on popular stocks $TWTR $FB $GDX I'm not out to win the stock, I'm out to win. $STUDY
Creditspread23
30 Oct 14 18:23:21
Would love to add 1000 $JNUG shares tomorrow near 4 or below. $GDXJ $JDST $GLD $GDX
IH NASDAQ OMX
30 Oct 14 18:17:40
$AKRX Change Click Here: http://t.co/vlOuIGZMRY Also See: $GDX $DAL $XLY $LNKD ~
Cary Sullivan
30 Oct 14 18:16:56
@ChartFreak I did not expect this. Volume huge on $GDX. Capitulation? Thoughts?
clayton
30 Oct 14 18:16:38
$AKRX Yield Click Here: http://t.co/CFIcTFTkPF Also See: $GDX $ELRA $UCO $XLE ~
Dwarakanath
30 Oct 14 18:13:57
RT @SeekingAlpha: Is Gold's Knockout Punch Coming? http://t.co/qG3ljwT2R9 $UUP $GLD $GDX $DUST $GLL $JDST $GDXJ
Stockaholics
30 Oct 14 17:51:22
Our Penny Stock Newsletter Alert On MGON Closed up 112.5% Today! Major News: http://t.co/dvxYQnSJab $MDMT $COHO $GDX
ETFguide.com
30 Oct 14 17:30:16
REMEMBER: @ETFguide is your #GoldMeltdown HQ (don't just watch it happen, profit from it) http://t.co/CqFfXYCNN0 $GLD $GDX #Gold
Scott Smith
30 Oct 14 17:16:26
$DUST Overextended above BB however have no intentions of going long on $GDX $NUGT $GLD, et. Position closed. "Assure Profit" $STUDY
TursTrades
30 Oct 14 17:11:28
How to F#%K Up a Trading Plan. $JDST, $GDX, $APT, $GLD, $LOCO, $UVXY, $PLUG, $WLT http://t.co/axMGDi8amy
Gold'n'Gold
30 Oct 14 17:11:19
RT @TomLydon: Good Grief, This is What’s Happening With #Gold Miners ETFs http://t.co/7LB8icWHPS #ETF #bullion $GDX $GDXJ $NUGT $JNUG $GASL…
Bonnie Smith
30 Oct 14 17:07:46
RT @SeekingAlpha: Is Gold's Knockout Punch Coming? http://t.co/qG3ljwT2R9 $UUP $GLD $GDX $DUST $GLL $JDST $GDXJ
ShackTrades
30 Oct 14 17:07:20
BOT 19.5 COVERED CALL in $GDX (DEC 14)
ETF Trends
30 Oct 14 17:00:51
Good Grief, This is What’s Happening With #Gold Miners ETFs http://t.co/ktT6FIIOW1 #ETF #bullion $GDX $GDXJ $NUGT $JNUG $GASL $DUST $JDST
Colin Macleod
30 Oct 14 17:00:12
Another round of Gold Meltdowns how far will these charts go? http://t.co/l3l8nEgLtS $GLD $GDX $ABX $AUY $GG
Implosion1
30 Oct 14 16:56:09
RT @TomLydon: Good Grief, This is What’s Happening With #Gold Miners ETFs http://t.co/7LB8icWHPS #ETF #bullion $GDX $GDXJ $NUGT $JNUG $GASL…
Tom Lydon
30 Oct 14 16:55:12
Good Grief, This is What’s Happening With #Gold Miners ETFs http://t.co/7LB8icWHPS #ETF #bullion $GDX $GDXJ $NUGT $JNUG $GASL $DUST $JDST
Half Full Publishing
30 Oct 14 16:53:09
Bookmark this: Is Gold's Knockout Punch Coming? http://t.co/VyTEHwiNWi $GLD $GLTR $GDX $GDXJ $DUST $JDST $GLL $SLV
				
				
  +Follow August 20, 2013 10:02AM
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