It’s another day, and gold sets another record, delivering a nice lift to related exchange traded funds (ETFs) in the process.
Jackie Farwell of the Associated Press reports that today, gold swooped past its all-time record price of $875 set in 1980 and at one point hit $884 an ounce. It finally settled at $880.30.
Adjusted for inflation, though, gold is nowhere near its all-time high. An ounce of gold at $875 in 1980 would be worth $2,115 to $2,200 in today’s dollars. Ouch.
For exposure to the commodity, take a look at:
For disclosure, some of Tom Lydon’s clients own GDX.
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.