Stocks Just Went Positive, Gold Is Getting Slammed

Stocks just went positive for the first time this morning.

Right now, the S&P 500 is trading around 1653, up 0.2%.

Meanwhile, gold is falling out of bed amid a broader sell-off across the commodity complex today – the shiny yellow metal is trading around $1394, down 2.1% an ounce.

WTI crude oil is down 1.8%, at $92.56 a barrel, while silver is down 3.2%, and platinum is down 1.4%.

Earlier, NAHB’s index of homebuilder confidence rose to 44 from 41 last month, outpacing expectations for a rise to 43.

Before that, new data showed that U.S. industrial production contracted 0.5% in April after rising 0.3% in March, missing economists’ estimates for a smaller, 0.2% decline.

The chart below shows the sell-off in gold today.

gold

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