This week has been kind of interesting for traders keeping a close eye on the gold futures charts. With the best day in over seven years on Friday, the future hasn’t look brighter in a very long time. A big upswing was noted in the GDX fund, which saw a price increase of 11.24% in one day. This was the highest increase since the end of November 2008.
But there was more good news, as all of the 25 ETfs’ US equity components saw a price increase, and over half of them saw a double-digit increase. GDX was also the most actively traded stock across all US exchanges on Friday, with a volume of over 170 million shares. An excellent day for traders of gold futures, to say the least.
Financial experts attribute this increase to the weak jobs data which was published earlier this week. The US economy is still far away from recovering to its previous levels, and the poor prognosis did not put investors’ minds at ease. Treasury yields, on the other hand, saw a significant drop in value once the news broke.
http://www.newsbtc.com/2016/06/05/gold-futures-bitcoin-price-skyrocketing/
