Gold Bull is Back With Historic Price Increase
As the financial turmoil continues to make its way through the market investors have decided that turning towards the safety of hard assets like Gold is a prime strategy. Thus the Gold bull is officially back as Gold jumped $70 per ounce today to close at $850.50 which marks the largest one day price gain ever.
Gold, silver, and hard assets alike had a stellar session today due to the fact that these assets tend to hold up very well in value regardless of the market conditions. Also weighing in today is the new pressure on the dollar with more rate cuts being a possibility for the Fed later this year.
The Streettracks Gold Trust (GLD) surged up $8.67 to close at $85.46 on over four times its average volume. Another exchange traded fund making a big run was the Ishares Silver Trust (SLV) which jumped $1.59 to finish at $11.99. Some analysts predict that Gold could now be heading back to its previous record of $1,000 an ounce seen back in March of this year.
Below are stock charts of both Gold itself and the Streetracks Gold Trust (GLD) highlighting the huge price moves from today; the gold bull market is back:
Gold’s previous single day record was a $64 gain on January 29, 1980.
Gold is back, what a move!
The two moves, last friday and this week Monday were the best opportunities to grab shares. This is also leading commodity stocks higher like oil and coal for instance.
USo is up pre-market this morning a few points, nice call rhino.
A lot of this run is over hyped, by all means maximize the new trend but be careful with any long term positions.