The following is an excerpt from Randall Forsyth | August 24, 2012 | Barrons.com |
This certainly has been gold’s week to shine, rallying more than $50 an ounce to over $1670. The metal also broke above its 200-day moving average, a sign of an improving technical trend, after the Federal Open Market Committee’s minutes released Wednesday showed a pronounced willingness for the U.S. central bank to ease policy further.
For the week, the SPDR Gold Trust exchange-traded fund (GLD) is up over 3%, which was the least dynamic of the gains posted by other popular plays in precious metals. The Market Vectors Gold Miners ETF (GDX), which tracks the major miners, is up 4.7%. And the Market Vectors Junior Gold Miners ETF (GDXJ) surged almost 7% on the week.
Silver, as often happens, was more volatile than the yellow metal, rewarding its ardent fans this week with big gains. The iShares Silver Trust ETF (SLV) is up 9% for the week while the Global X Silver Miners ETF (SIL) is ahead 7.4% for the week.
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