Gold Flies as Metals Traders Cross Fingers for Obama Win (GLD) (IAU) (SLV)

November 6, 2012 2:04 PM EST
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SPDR Gold Shares ETF (NYSE: GLD) tacked on nearly 2 percent intraday on Tuesday, as investors positioned in preparation for a swift outcome to presidential elections, though fingers remain crossed.

Gold received a huge boost earlier this year when Ben Bernanke and Co. announced plans for a third round of quantitative easing. Today, with odds-makers predicting an Obama victory in the election - viewed by some as an endorsement of current Fed policies - gold is moving. This morning political website InTrade showed a 71.5 percent chance of an Obama victory.

Spot gold prices climbed back above $1700 and now trades near $1715 per ounce. Spot silver is also moving higher, retaking $32 per ounce.

iShares Gold Trust ETF (NYSE: IAU) and SPDR Gold Shares ETF (NYSE: GLD) are both higher by nearly 2 percent, and iShares Silver Trust ETF (NYSE: SLV) is higher by 3 percent.

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