Gold Goes Higher, Good For ETFs
January 23rd at 3:00pm by Tom Lydon
Gold futures are reaching for the sky while other precious metals are recovering, giving focused exchange traded funds (ETFs) a winning shine.
Allen Sykora for Dow Jones Newswires on FX Street reports that February gold was up $8.80 to $890.50 an ounce on the Comex division of the New York Stock Exchange. At the Chicago Board of Trade, gold was up $9.20 to $890.60. ETFs tracking gold are streetTRACKS Gold Shares (GLD) and iShares COMEX Gold Trust (IAU).
Silver was at $16.6 for Comex in March, down 5.5 cents. The precious metals are following the S&P, said one Comex floor trader regarding the comeback in metals. Traders use the pullback as an opportunity to buy the metals again, similar to bargain hunting. Silver is tracked by iShares Silver Trust (SLV) and PowerShares DB Silver (DBS).
