Market Panic Is No Help For Gold

gold coins

And the dog-that-didn’t-bark-award for today goes to gold (GLD), which, despite the mass panic seen elsewhere in the market, quietly slipped about 1% during today’s action.

A rise in the dollar, which has been part and parcel of the market weakness this week, obviously didn’t help.

But today’s move must be distressing a lot of the goldbug-come-latelies that have been piling into the metal lately. They thought they were buying a hedge or insurance against a day like this.

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