Gold Reaches Record Highs As Dollar Weakens (GLD, GDX, GOLD, NEM)
November 16, 2009 11:15 AM
The price of Gold in the Spot market rose to a record high of $1,130 an ounce. Investors are looking to be cautious as the price approaches the $1,200 level. Experts see the uptrend to continue as the price of Gold rose 7 out of the 10 days.
Gold December Futures increased 1.1% from Friday’s settlement of $1.129.20 per ounce and options trading could continue to rise. Furthermore, Volatility in the price of Gold is expected to remain as open positions remain in the US Options Market for $1,200 call options with expiry dates due next week.
With the rise of Gold prices, Market Vectors Gold Miners (NYSE: GDX) rose 2.75% to $51.15 a share. Market Vectors Gold Miners replicates the performance of NYSE Arca Gold Miners Index. The Gold Index, SPDR Gold Trust (NYSE: GLD) rose 1.09% to $110.94 a share. SPDR Gold Trust invests in actual gold.
Randgold Resources Ltd (NASDAQ: GOLD), a company engaged in Gold Mining and Exploration, rose 2.50% to $82.90 a share. Newmont Mining Corp (NYSE: NEM) gained 2.29% to a price of $52.16 per share. Newmont Mining Corp. has gold reserves of 85 million equity ounces and aggregate land position of over 100,000 square kilometers.
