Gold Moves Back Above $1400 (GLD, GDX)
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Gold is higher again today as it pushes through $1400 again. Gold for February delivery last traded at $1407 up $9
The all-time high for Gold is $1432.50, so the precious metal is again testing these levels.
The recent upside action is being contributed to news over the weekend that China will not raise interest rates. This decision will help keep the world's fastest growing economy humming along, which puts upside pressure on commodities prices.
Also gold prices have been benefiting from the Fed's easy money policy and today the Federal Reserve is meeting in Washington. While no major decision is expected on either interest rates or the the bond buying program, the Fed could give hints on how QE2 is going and what its next move will be.
Related ETFs: (NYSE: GLD), (NYSE: GDX)
The all-time high for Gold is $1432.50, so the precious metal is again testing these levels.
The recent upside action is being contributed to news over the weekend that China will not raise interest rates. This decision will help keep the world's fastest growing economy humming along, which puts upside pressure on commodities prices.
Also gold prices have been benefiting from the Fed's easy money policy and today the Federal Reserve is meeting in Washington. While no major decision is expected on either interest rates or the the bond buying program, the Fed could give hints on how QE2 is going and what its next move will be.
Related ETFs: (NYSE: GLD), (NYSE: GDX)
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