Gold Rips To All-Time High
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Gold closed at an all-time record high today, hitting $1045 per ounce in intra-day trading. Gold futures last traded at $1041.40, up 2.43% on the session.
The weakness in the U.S. Dollar has driven the continued strength in gold. Today, the dollar was weak on reports that some leading oil trading countries are were developing a plan to abandon the dollar. In addition, Australia lifted interest rates in a surprise move making it the first major economy to raise rates following the global financial crisis.
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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