Surprising Volume in SPDR Gold Trust

The SPDR Gold Trust ETF GLD is attracting surprisingly heavy volume on Wednesday. The GLD is down 2.19% to $151.51 and has been moving lower over the last month. Volume has been heavy during the trading session given the light volumes in other asset classes. More than 11.5 million GLD shares have traded hands on the day compared to a 3-month daily average of 13.6 million. Given that average volumes in other heavily traded ETFs are a fraction of their 3-month averages due to slow trading between Christmas and New Year's, this is a high amount of activity in GLD. Short-term traders may want to keep a close eye on the gold market for opportunities on Thursday and Friday.