Is It Time To Buy Gold Stocks And ETFs After Banki
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Posted On: 06/10/2023 9:36:42 AM
Is It Time To Buy Gold Stocks And ETFs After Banking Crisis? Here's What Charts Show.
Should have said, "After the First Banking Crisis"
https://www.investors.com/research/gld-stock-...ts-show-2/
Snippet:
Gold stocks hold a valuable place in asset allocation for investors, especially in times of high inflation and economic uncertainty. Investing in gold can be tricky, but one of the best ways to gain exposure to gold is through the S&P Gold Shares ETF (GLD).
In March, gold bullion and coins, gold stocks and gold ETFs found new strength amid the banking crisis that was unfolding.
Gold futures hit a low on Nov. 3, then started a reversal after the Federal Reserve raised the fed funds rate by 75 basis points.
The GLD ETF followed a similar pattern, hitting a 52-week low on Nov. 3 and a 52-week high on May 4. The ETF broke out past the 181.73 buy point on March 17, and remains in the 5% buy zone reaching to 190.82, according to MarketSmith pattern recognition.
Pimco's Portfolio manager of Commodities and Real Assets, Greg Sharenow, says that despite the recent drop in price, gold is still expensive and might show further losses, but has long-term appeal.
Dan Wantrobski, technical strategist and associate director of research at Janney Montgomery Scott, sees more upside for gold.
"With recent dollar weakness and crisis in the U.S., gold prices have been shooting higher," he said. "And we believe there may be more to go for the precious metal. We are watching for potential resistance targets toward $1,950-$2,000 on gold prices in the weeks/months ahead."
Gold prices have rallied since March lows, trading around $1,980 per ounce. Factors such as a weak dollar, recession fears, sticky inflation and a potential interest rate-hike pause have lifted prices of the yellow metal.
_______________________
Gold futures are up about 22% since the Nov. 3 lows.
ETFs With Exposure To Gold
Fund name Ticker YTD through 6/6/23
U.S. Gold & Precious Metals GOAU 17.40%
Direxion Gold Miners (Bull 2X) NUGT 13.26%
VanEck Gold Miners GDX 10.36%
iShares MSCI Global Gold Miners RING 9.36%
GraniteShares Gold Trust BAR 7.59%
S&P Gold MiniShares Trust GLDM 7.65%
iShares Gold Trust IAU 7.55%
Aberdeen Standard Physical Gold Shares SGOL 7.50%
S&P Gold Shares GLD 7.49%
Aberdeen Precious Metals Basket GLTR 1.17%
Should have said, "After the First Banking Crisis"
https://www.investors.com/research/gld-stock-...ts-show-2/
Snippet:
Gold stocks hold a valuable place in asset allocation for investors, especially in times of high inflation and economic uncertainty. Investing in gold can be tricky, but one of the best ways to gain exposure to gold is through the S&P Gold Shares ETF (GLD).
In March, gold bullion and coins, gold stocks and gold ETFs found new strength amid the banking crisis that was unfolding.
Gold futures hit a low on Nov. 3, then started a reversal after the Federal Reserve raised the fed funds rate by 75 basis points.
The GLD ETF followed a similar pattern, hitting a 52-week low on Nov. 3 and a 52-week high on May 4. The ETF broke out past the 181.73 buy point on March 17, and remains in the 5% buy zone reaching to 190.82, according to MarketSmith pattern recognition.
Pimco's Portfolio manager of Commodities and Real Assets, Greg Sharenow, says that despite the recent drop in price, gold is still expensive and might show further losses, but has long-term appeal.
Dan Wantrobski, technical strategist and associate director of research at Janney Montgomery Scott, sees more upside for gold.
"With recent dollar weakness and crisis in the U.S., gold prices have been shooting higher," he said. "And we believe there may be more to go for the precious metal. We are watching for potential resistance targets toward $1,950-$2,000 on gold prices in the weeks/months ahead."
Gold prices have rallied since March lows, trading around $1,980 per ounce. Factors such as a weak dollar, recession fears, sticky inflation and a potential interest rate-hike pause have lifted prices of the yellow metal.
_______________________
Gold futures are up about 22% since the Nov. 3 lows.
ETFs With Exposure To Gold
Fund name Ticker YTD through 6/6/23
U.S. Gold & Precious Metals GOAU 17.40%
Direxion Gold Miners (Bull 2X) NUGT 13.26%
VanEck Gold Miners GDX 10.36%
iShares MSCI Global Gold Miners RING 9.36%
GraniteShares Gold Trust BAR 7.59%
S&P Gold MiniShares Trust GLDM 7.65%
iShares Gold Trust IAU 7.55%
Aberdeen Standard Physical Gold Shares SGOL 7.50%
S&P Gold Shares GLD 7.49%
Aberdeen Precious Metals Basket GLTR 1.17%
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