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Leigh Baldwin & Co.

112 Albany Street, Cazenovia, NY 13035 | Phone: (315) 655-2964 Toll Free: 1-800-659-8044

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Diamonds and Dogs

4/15/13

SPDR Gold Shares (GLD) and Gold Commodity

Are gold stocks actually fool's gold? SPDR Gold ETF took quite a hit today, down 8.82% at $131.25. The ETF which tracks the commodity dropped as gold continued its downward spiral. Between Friday and today gold has had its largest two-day decline in over 30 years. Gold seems to be the victim of a double edge sword. First, the strong overall market and currency has pushed gold down. Second, with gold headed down and gaining momentum it appears that many hedge fund managers are leaving the commodity in order to dodge possible margin calls. Regardless of the reasons, Gold is facing its worst decline in decades, and SPDR Gold ETF is trading less than $1.00 above its 52-week low.

Sprint Nextel Corp. (S)

Sprint Nextel is running higher today, up 13.83% at $7.08. The cell service company saw its shares pop on news of a takeover bid. DISH Network made an unsolicited offer to Sprint which totaled $25.5 billion. The deal values Sprint at $7.00 per share, which is comprised of $4.76 per share in cash and the rest in the form of stock. DISH believes that the combined company could generate synergies and growth opportunities valued at $37 billion, including $11 billion in cost savings. DISH said that it hopes to create a company that offers a fully integrated nationwide bundle of in-home and out-of-home services. Sprint traded up near its 52-week high of $7.33.
Diamonds and Dogs market commentary is a journal of daily observations on anything that happens to be of interest to our author. Obviously, our primary focus is the stock market and world economic events, but for this page we have no defined topics. We want this page to be dedicated to the interests, concerns, and possibly to the financial gain of our clients and friends. All comments contained herein are for informational purposes only, and should not be considered as a solicitation to buy or sell any security. The firm does not guarantee the accuracy or completeness of the information or make any warranties regarding results from it's usage.