Gold Struggles
The Streettracks Gold Trust (GLD) which is a tracking fund that reflects the performance of the price of the gold bullion fell closed below its 50 Day Moving Average. Today was also a distribution day for the fund, and for those who are still bullish on gold and silver stocks need to be extra catious. $60 a share seems to be the next main support area for the fund. Gold finished the day at $615.10.
Another tracking fund to watch is the Ishares Comex Gold Trust (IAU), which is another way to play the gold bullion. It too had a distribution day today.
Keep an eye on these funds,
-Blain
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