The drop in gold ETFs GLD and GDX and gold miner Barrick Gold (ABX) that I mentioned earlier comes amidst a 15% rise in gold demand last quarter, but it’s important to keep in mind that gold demand is down 34% from the year-earlier period, as noted by the World Gold Council today, even though gold prices, at $970 per ounce last quarter, were 10% above 2008′s level. Overall, the Council believes the outlook for investment in gold is “positive,” especially for industrial and jewelry uses.
No comments:
Post a Comment