stocks were mixed at session’s half, as investors digested housing and consumer sentiment data. The University of Michigan’s survey showed that consumer sentiment unexpectedly declined to a preliminary 81.8 reading for May, down from 84.1 in April and missing forecasts for a rise to a 84.5 reading. Housing data was more upbeat – the Commerce Department reported that construction on new U.S. homes rose 13.2% to a seasonally adjusted annual rate of 1.07 million in April – the fastest pace in five months and exceeding forecasts. Overall building permits rose 8% in April to an annual rate of 1.08 million – also reaching a record pace since June 2008. Among stocks, Dillard’s Inc.
But the conversion of your ETF shares into the equivalent coins and bars isnt expected to be a taxable event, according to Merk. So, if youre the sort of investor who (1) wants to own gold-backed financial assets and (2) envisions wanting to convert those assets into coins and bars some day, this ETF is worth a look. What should the Armageddon crowd do? Easy. Just ask yourself whether you think double short dow FedEx will make routine deliveries under whatever scenario youre envisioning.
ETF Chart of the Day: Currency Call | ETF Trends
For UUP is still the largest Currency based ETP in the U.S. landscape, with about $668 million in assets under management currently, which is certainly not a number to scoff at, but it feels that there is still untapped, and huge potential still. This growth could come from not only from investment managers that are already using ETFs for various asset class exposure in portfolios but also natural hedgers that may already be using currency futures strategies to hedge against adverse currency movements, like businesses with international operations for example. Dollar Index Futures ETN, Expense Ratio 0.95) have gyrated accordingly, but with little to show in terms of an uptick of trading volume or asset flows. UDN for example is considerably smaller than UUP, with about $54 million in AUM, ranking it somewhere in the middle across all Currency based ETPs in terms of overall assets.