Gold, Silver Rise On Dollar Weakness (GLD, SLV)
After eclipsing, then falling below the $1000 level earlier in the week, Gold is now above the key level again. Gold spot is at $1009.60, up from yesterday's close of $996.40. Silver is also higher, with the Spot Silver price last crossing at $16.89 - above yesterday's close of $16.67.
Contributing to the strength in the precious metals is the continued weakness in the Dollar Index.
In addition to the dollar weakness, a CitiFX analyst today said he expects Gold to rise to $1300 by the first quarter of 2010 and sees it eventually rising above $2,000.
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 this week - ETFS Physical Swiss Gold Shares (NYSE: SGOL) - that traders are starting to use.
Silver exposure can be gained through ETF iShares Silver Trust (NYSE: SLV), or stocks like Silver Wheaton Corp. (NYSE: SLW) and Pan American Silver Corp. (Nasdaq: PAAS).
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