Gold Prices Waver As US Stocks Plummet

gold coins price
Written by Mike Hammer

The US markets took another beating yesterday, with the Dow losing over 1200 points in a single session. So what started as a nice sideways consolidation up at the all-time high of 29500 has turned into an absolute drubbing, with no real sign of the bottom yet.

Gold, meanwhile, hung in pretty well, as you would expect for a safe haven during a sudden drop. Here’s the 1-month chart of GLD, the unleveraged gold ETF, compared to the Dow 30 average over the same period. The charts are pulled right after the open on Friday, so the last day is “today” but will probably be just a tiny stub. But this way you’ll see the magnitude of the drops, in their full glory.

The Dow is the… Continue reading at ETFDailyNews.com

About the author

Mike Hammer

Mike Hammer has had a wide-ranging career, with trading and investing as continuing themes. Mike graduated with a business degree and spent years as a financial advisor, before moving to New York and to pursue a career in IT and education. For more than a decade Mike has been working with the Adam Mesh Trading Group as a stock market and commodities mentor. He’s trained over 200 individuals, spoken at several national conventions, and is a frequent contributor to educational webinars.

Mike writes The Gold Enthusiast daily newsletter, runs the Golden Hammer trading service, and participates in the Mesh Private Portfolio. He also keeps a position in international education which keeps him in touch with "the student mindset".

Mike focuses on the precious metals markets, the energy industry, and the financial sector. His motto is "Plan your trade, then trade your plan!"

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