Gold Breaks Out to 18-Month Highs, Challenges All-Time High
Gold is breaking out to 18-month highs today on continued inflation concerns and a weak dollar. Spot Gold is up to $1019.20 this AM, up from yesterday's close of $1007.2. Gold is challenging its all-time high of $1035. Spot Silver is up to $17.35, from yesterday's close of $17.01.
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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