Commodities & Metals
Record Gold Prices Spark ETF/ETN (GLD, SLV)
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Gold has just hit a new contract high of $1,035.00 on a nominal basis. While this is far short of an inflation-adjusted price compared to the 1980’s highs, this is still a nominal high. The SPDR Gold Shares (NYSE: GLD) are up 1.7% at $101.55 this morning, which is above that old $108.08 high. We have been noting an affiliate of ours who has been calling emphatically for higher gold prices. Yesterday, in a call that was against the US Dollar and against the S&P 500 Index, the call for gold was for a move above the old power band and a surge to $1,200.00 or possibly even higher. Gold’s gains are taking silver and copper higher as well. We have the iShares Silver Trust (NYSE: SLV) up 3.2% at $16.91 in pre-market trading, although its recent high is $17.26.
JON C. OGG
OCTOBER 6, 2009
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