Gold was up 1.9% in trading on COMEX today to $1876 an ounce on war in Israel and Gaza and fears that it would become a wider conflict in the region.
I’ve been looking for an exit from two of my gold positions for a while now. And tomorrow is a good exit point, I think.
The strength in the U.S dollar and rising yields in the Treasury market say that the intermediate term trends are running against this hedge–even if the short-term turmoil is likely to push gold somewhat higher.
I’m selling my positions in the SPDR Gold Shares (ETF) out of my Jubak Picks and Volatility portfolios.(The Volatility Portfolio runs on my subscription site JubakAM.com.) The position in the first portfolio dates to September 11, 2017 and shows a 37% gain from the date until the close on October 9. The position in the Volatility Portfolio dates to that same day in 2017 with the same 37% gain.
I’m also selling my position in the Van Eck Gold Miners ETF (GDX). That position was initiated on August 15, 2019 and shows a 4.4% loss since that date through the close on October 9.
