Market Overview

Gold Is Having A Big Day: How Did The Yellow Metal Perform In 2016?

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Gold Is Having A Big Day: How Did The Yellow Metal Perform In 2016?

Gold stocks and ETFs are delivering some strong returns on Thursday with:

  • the SPDR Gold Trust (ETF) (NYSE: GLD) up 1.4 percent
  • Market Vectors Gold Miners ETF (NYSE: GDX) up 6.4 percent
  • Direxion Shares Exchange Trades Fund Trust (NYSE: NUGT) up 19.6 percent
  • Direxion Shares Exchange Traded Fund Trust (NYSE: JNUG) up 23.0 percent on the day.
  • The Direxion Shares Exchange Traded Fund Trust (NYSE: DUST) is down 19.3 percent.

If gold’s momentum continues through the end of the week, the precious metal will end the year on a strong note, much like it started 2016. After surging roughly 20 percent by mid-February, the GLD peaked at around +28 percent by mid-summer. At that point in the year, the SPDR S&P 500 ETF Trust (NYSE: SPY) was up only about 2 percent on the year, and it seemed like a foregone conclusion that 2016 would be the year of the gold trade.

Unfortunately for gold bulls, the wind came out of gold’s sails in the second half of the year. The GLD has fallen 11.9 percent in the past six months and is now up only 8.8 percent. At the same time, the SPY found its mojo in the second half of the year and is now up 9.9 percent year-to-date.

Even after Thursday’s early trading action, it will likely take another strong day for gold and weak day for stocks on Friday for gold to win the year.

Posted-In: GoldSpecialty ETFs Commodities Markets Movers ETFs Best of Benzinga

 

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