Miner ETFs led the way this week as investors piled into stocks and precious metals on expectations central banks will do more to support the global economy and financial markets.
Gold is on a tear in September and traded as high as $1,745 an ounce Friday after dipping below $1,600 this summer.
Investors are looking for more quantitative easing from the Federal Reserve at next week’s meeting. The central bank may also extend its low-rate pledge or announce other easing measures.
This week, the European Central Bank expanded its bond-buying program to support sovereign debt markets.
Further monetary easing from central banks is seen as bullish for precious metals and miners, and inflationary for currencies.
Stocks also strengthened this week on central bank hopes. The S&P 500 rose 2.1% for the week in afternoon trading Friday, the Dow added 1.5% and the Nasdaq Composite gained 2.2%.