Gold Continues Break-Out (GLD)
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Gold is on the move again this morning, breaking to new all-time highs, on continued fears about easy money policies in the U.S. and around the globe. Spot Gold last traded at $1091.50, up from yesterday's close of $1084.30. Monday's close was $1059.60.
Yesterday's big jump was related to the IMF 200 metric tons gold sale to the Reserve Bank of India. The IMF's sale represented almost half of the total sales volume of 403.3 metric tons that was approved by the Executive Board in September. The total sales proceeds are equivalent to US$ 6.7 billion or SDR 4.2 billion.
Many investors have been getting long gold on fears of depreciating world currencies, including the U.S. dollar. Many have been gaining exposure to gold through ETF SPDR Gold Shares (NYSE: GLD) or through the miners as represented by Market Vectors Gold Miners ETF (NYSE: GDX), which seeks to replicate the price and yield performance of the NYSE Arca Gold Miners Index. Top holdings of the index include Barrick Gold (NYSE: ABX), Goldcorp (NYSE: GG), Newmont Mining (NYSE: NEM), Kinross Gold (NYSE: KGC), and Yamana Gold (NYSE: AUY). There is also a new gold ETF - ETFS Physical Swiss Gold Shares (NYSE: SGOL) - that traders are starting to use.
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