Gold Dropped as Yemen Safe Haven Bets Came Off

Heading into the two-days of closed markets commonly known as the weekend, stocks sold off and gold rose as investors sought to position for it given intensifying geopolitical tension in Yemen. Investors do not want to carry risk into a two-day trading period where special risk exists. But the weekend passed without a bad outcome or surprise in Yemen, so a reversal of last week’s trade followed on Monday. This is the sole reason why gold sold off. But where do we go from here? See my report on gold here.

Precious Metals Relative Securities	03-30-15
SPDR S&P 500 (NYSE: SPY)	+1.3%
SPDR Gold Trust (NYSE: GLD)	-1.1%
iShares Silver Trust (NYSE: SLV)	-1.7%
Market Vectors Gold Miners (NYSE: GDX)	-1.8%
Market Vectors Junior Gold Miners (NYSE: GDXJ)	-3.5%
Direxion Daily Gold Miners Bull 3X (NYSE: NUGT)	-5.4%
Direxion Daily Gold Miners Bear 3X (NYSE: DUST)	+5.6%
Sprott Physical Gold Trust (NYSE: PHYS)	-1.1%
Goldcorp (NYSE: GG)	-1.0%
Newmont Mining (NYSE: NEM)	-0.9%

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