|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
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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.