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Strategies & Market Trends : Natural Resource Stocks

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From: Julius Wong9/15/2022 8:35:52 PM
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Gold drops to a multi-year low and related ETFs follow in stride

Sep. 15, 2022 11:42 ET

SPDR Gold Trust ETF (GLD), IAU, GDX, GDXJ PHYS, SGDM, XAUUSD:CUR

By: Jason Capul, SA News Editor 29 Comments

Bet_Noire/iStock via Getty Images

Gold (XAU:USDCUR) has fallen to $1,662/oz, its lowest level dating back to April of 2020. The precious metal has now declined by 1.7% in early trading and is heading towards its third straight downward day. As a result of the yellow metal’s sell-off, exchange traded funds that have their price action tied to the commodity have also come down.

Both spot-gold ETFs and gold-mining ETFs have sold off. Spot-gold funds move in a parallel fashion to the precious metal as such funds track their price action through the futures market. Gold-mining ETFs on the other hand, invest in a broad range of companies involved in the handling of actual gold mining.

See below a breakdown of both spot-gold ETFs and gold mining-ETFs along with their assets under management and daily price action:

Spot Gold ETFs

SPDR Gold Trust ETF (NYSEARCA: GLD): $53.68B, -1.7%.

iShares Gold Trust ETF (NYSEARCA: IAU): $27.35B, -1.7%.

Sprott Physical Gold Trust ( PHYS): $5.35B, -1.8%.

Gold Miner ETFs

VanEck Vectors Gold Miners ETF (NYSEARCA: GDX): $9.68B, -3%.

VanEck Vectors Junior Gold Miners ETF (NYSEARCA: GDXJ): $3.13B, -3.1%.

Sprott Gold Miners ETF ( SGDM): $184.18M, -3.8%.

In broader market news, the stock market is lower on Thursday after some indecisive action earlier as growth sectors struggle and megacaps slip.
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