Gold Bear Market: Time to Buy This Top Gold Stock/ETF
Key takeaways
- GC=F GDX NVDA GLD It was seemingly unthinkable earlier this year as gold raced to new highs, but the yellow metal is now in the throes of a bear market.
- Not surprisingly, the commodity s slide is a serious drag on gold stocks.
- In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia.
GC=F GDX NVDA GLD It was seemingly unthinkable earlier this year as gold raced to new highs, but the yellow metal is now in the throes of a bear market. Using the SPDR Gold Shares (NYSEMKT: GLD), the largest gold-backed exchange-traded fund (ETF), as the measuring stick, bullion s bear market is confirmed by the ETF trading 22% below its 52-week high at the close of U.S. markets on June 16.
Not surprisingly, the commodity s slide is a serious drag on gold stocks. Just look at the Van Eck Gold Miners ETF (NYSEMKT: GDX). The largest ETF dedicated to companies that extract gold from the Earth is some 25% off its 52-week high, joining its physical gold friends in the bear camp.
Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue »