The SPDR Gold Shares ETF (GLD – 127.62) was just about flat on the week despite the positive news that the fund was on track to have a net inflow of funds for the first time in over a year. I guess since the price of gold appears to be stabilizing and even grinding higher buyers are doing more than just sticking their toe in the water. The week started out with the feeling GLD may trade into the 130’s for the first time since October of last year. However, some selling came in and it was especially bothersome on Friday afternoon with the result being a 0.04 gain on the week for GLD. This stalling out in GLD was picked up by the CBOE Gold ETF Volatility Index (GVZ – 16.07) which ended up higher on the week.
The United States Oil ETF (USO – 36.74) was basically flat on the week as well. Interestingly the CBOE Crude Oil ETF Volatility Index (OVX – 18.71) was not. OVX was up 4% on the week and I’m going to guess geopolitical tensions had a hand in this. I don’t think the proper term is ‘saber rattling’ when it is Russia, but it appears that Putin is riding the high of success in the Olympics and figures he can notch up another win against the Ukraine. Unfortunately, this new contest could have more dire consequences.