Volume Spike Investor

Gold is being pounded this morning after the dollar has recovered against the Yen and other currencies.  Many of the gold producers and gold bug related stocks are taking it on the chin on active volume in pre-market trading.

• ETF: SPDR Gold Shares (NYSE: GLD) down 2.45% at $86/.77 on 692,000 shares at 8:44 AMEST.
• Gold Fields Ltd. (NYSE: GFI) down 2.87% at $10.83 on 121,000 shares at 8:44 AM EST.
• AngloGold Ashanti Ltd. (NYSE: AU) down 3.7% at $28.85 on 54,000 shares at 8:46 AM EST.

Other major Gold stocks are trading lower as well, but these three looked to be the most active in pre-market trading.  We are seeing the inverse out of the “SHORT” ETN’s” which covered as new earlier this year issued by Deutsche Bank:

• DB Gold Double Short ETN (NYSE: DZZ)
• DB Gold Double Long ETN (NYSE: DGP)
• DB Gold Short ETN (NYSE: DGZ)

Jon C. Ogg
June 23, 2008