Gold exchange traded funds (ETFs) continued to climb today despite the dollar’s attempt to rise against its all-time lows against the euro. Gold for December increased 40 cents to close at $739.30 an ounce although it reached an intraday high of $741.60, reports Myra P. Saefong and Polya Lesova for MarketWatch. Analysts at Goldman Sachs (GS) say they expect to see gold prices reach $775 an ounce over the next three months and $800 in six months, according to Chris Flood for The Financial Times. The performance of gold ETFs year-to-date is:
- streetTracks Gold Shares Fund (GLD) – up 15.0%
- iShares Comex Gold Trust (IAU) – up 14.6%
- PowerShares DB Gold (DGL) – up 11.5% for the last three months as it was launched in early 2007. It invests in gold futures not the bullion.
The opinions and forecasts expressed herein are solely those of Tom Lydon, and may not actually come to pass. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product.