We are watching the SPDR Gold Shares (NYSE: GLD) and ETFS Physical Swiss Gold Shares (NYSE: SGOL), then we are watching the Market Vectors Gold Miners ETF (NYSE: GDX) and the Market Vectors Junior Gold Miners ETF (NYSE: GDXJ).
The main play today is the SPDR Gold Shares (NYSE: GLD) as it is the most liquid and directly the most representative of the move in gold each day. At $112.38, today’s high was $112.93 and above the March 3 high of $112.18 on day that closed at $111.63. The last cycle high was January 11 when we hit a high of $113.59 and a close of $112.85. In short, we are within striking distance of 2010 highs all over again.
In dollar terms, this represents both 30-day highs and 60-day highs for the shiny yellow stuff now that prices went above $1,150.00 per ounce. Amazingly, this represents an all-time high in Gold again in Euro terms as showed by Kitco.
The 10-Year Treasury auction was a success today and that is causing longer-dated yields to fall. The 10-Year was just at 4.00% in the last week, yet the rate is now 3.87%. The EUR/USD is now 1.3369, down by -0.0025.
The ETFS Physical Swiss Gold Shares (NYSE: SGOL) is up 1.15% at $114.56; the Market Vectors Gold Miners ETF (NYSE: GDX) is up 3.2% and the Market Vectors Junior Gold Miners ETF (NYSE: GDXJ) is up 1.57% at $27.81.
Stocks have been weak most of the day but from start to finish during the few minutes this took, the DJIA went from about -50 to -108 around 10,861…. 11,000 is proving to be elusive.
JON C. OGG
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