Gold Up on Reports that Russia Will Buy More for Central Bank (GDX, GLD, GG, ABX, More)

Reports from Russia's Central Bank say that they are buying more than 30 tons (about $1 billion) of gold from the state repository. On the news, and a weakened dollar, futures of December 2009 gold are up $5.6 to $1125/oz. Gold futures for February 2010 contracts, the most actively traded right now, were up $5.4 to $1125.30.

Russia holds the world's third-largest gold and foreign exchange reserves at about $451.2 billion as of December 4, 2009.

Stocks and ETFs to watch:

• Barrick GOld Corp. (NYSE: ABX) is up 0.56% to $39.80;
  
  
• Goldcorp, Inc. (NYSE: GG);
  
  
• IAMGOLD Corp. (NYSE: IAG) up 2.6% to $16.91;
  
  
• Market Vectors Gold Miners (NYSE: GDX) up 1.05% to $48.36;
  
  
• Market Vectors Gold Junior Miners (NYSE: GDXJ) up 1.9% to $26.01;
  
  
• SPDR Gold Shares (NYSE: GLD) up 0.89% to $110.29.

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