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Gold gets to be a meme stock again
A ton of volatile retail darlings are getting crushed on Wednesday. And the hot momentum-seeking money seems to be flowing out of those speculative pockets of the market and back into gold. Daily call volumes in the SPDR Gold Shares ETF had already outstripped 1 million by 1:10 p.m. ET on Wednesday, roughly triple their 334,000 average over the last 10 full sessions. As of 1:30 p.m. ET, retail traders had poured $82.4 million into commodity ETFs, per JPMorgan strategist Arun Jain — inflows that are in the 95th percentile relative to their one-year average. Retail had been exiting gold in late October, per JPMorgan ... (full story)
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