So, what did gold do today?
Yesterday, Kamaaina Loan blog wondered if gold would track the stock market, which in theory it sort of does — gold up when stocks fall and vice versa.
Over the past couple years,. stocks have reached record highs and gold has taken a swan dive, off around 30%. But is the relationship real?
Recently, the stock market has been gyrating like a yo-yo, and gold prices have risen and fallen, but not so violently.
So, if we understood what is going on, we wouldn’t have to work so hard in the pawn business and could lie on the beach all day. But we don’t.
Tuesday,. stocks were way up: the Dow was up 1.12%, the S&P 500 1.19% and the Nasdaq 1.75%. Those are all big movements for a single trading day, especially the Nasdaq.
What did gold do? It went up, by 0.22%. Not down. And when the spot market reopened, after the stock exchanges were closed and the traders had had a chance to digest the mood, gold did go down, but by a mere 0.02% (only 30 cents on a quote of $1227.50, barely noticeable).
Well, to heck with it, we’re off to the beach anyway.
#Mauipawn #mauigold #mauiretail