Gold prices and gold ETFs continue to party on Fed actions

Gold and gold ETFs continued the party today as the gold spot price increased .67% to close at $1719.90 per ounce while gold ETFs including the iShares Gold Trust ETF (NYSEARCA:IAU) and SPDR Gold Trust ETF (NYSEARCA:GLD) added about a half a percent each.  The Market Vectors Gold Miners Trust ETF (NYSEARCA:GDX) rose .96%, while the ProShares Ultra Gold ETF (NYSEARCA:UGL) rose .94%.

Gold ETFs likely continued the party today off of yesterday’s gold price momentum; with the Fed promising near zero interest rates until 2014 and a 2% inflation rate target, investors have flocked to gold as an inflation barrier against weaker dollars.

Gold ETF Summary:

1. SPDR Gold Trust ETF (NYSEARCA:GLD)
2. iShares Gold Trust ETF (NYSEARCA:IAU)
3. Market Vectors Gold Miners Trust ETF (NYSEARCA:GDX)
4. ProShares Ultra Gold ETF (NYSEARCA:UGL)

Bottom Line: Gold prices and gold ETFs continued their growth today likely off of continued momentum from yesterday’s gains.  We can expect relatively high gold prices and high gold ETF prices in the future if the dollar stays weak and if anything negative happens in Europe.

Tags: Gold analysis, Gold ETFs, Gold future prices, Gold futures, Gold investment, Gold news, Gold price, gold price forecast, Gold prices, gold shares, gold stock, gold stocks, price of gold, Spot gold, Spot gold price

Posted by admin on Jan 27 2012. Filed under Gold ETFs, Gold stocks. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry