Gold for June delivery closed at 2039.00 an ounce on the Comex today. That’s not too far away from the all-time record high of $2,070 an ounce.
The move above $2,000 an ounce and any breach of the record at $2070 could trigger a rally as traders short gold buy to cover positions. That could well be true, but I’d note that this forecast of a gold rally is coming from traders long gold who are trying to talk a rally into being.
Gold ETFs rose with SPDR Gold Shares (GLD) up 1.86% and the VanEck Gold Miners ETF gaining 3.36%.
Shares of individual gold mining companies were up even more with Newmont (NEM) up 3.80%; Barrick Gold (GOLD) was higher by 4.42%; and Kinross Gold (KGC) ahead 6.51%.
Higher gold prices dragged silver along with First Majestic Silver (AG) up 4.83%. Silver for May delivery rose 4.80%.
I own Barrick Gold, SPDR Gold Shares, VanEck Gold Miners, and First Majestic Silver in my online portfolios.
