Gold News

Gold leaps yet again in New York

Gold leapt higher yet again in New York today, taking both the Dollar and Sterling price to their highest level since the start of December.

Hitting more than $648 per ounce, gold priced in Euros reached a 5-month high above €500. Japanese investors haven't seen gold at these prices since May, back when gold spiked to a 26-year record

"I'm very bullish on gold," said Frank Holmes, chief executive officer of US Global Investors Inc. in San Antonio, today. His firm manages the $876 million World Precious Minerals Fund, as Bloomberg reports.

"[Gold's] in a long, secular bull market. It's quite amazing to see that the gold ETFs are now bigger than all the gold-equity funds combined."

But the exchange-traded gold funds still don't count for much versus the broader stock market. The US gold ETF, StreetTracks GLD, has the same market cap as Mattel Inc. In London, the LyxOr GBS is equivalent to Grainger Trust, the mid-cap real estate company.

And compared to Google – the red hot dotcom currently featuring next to gold in many investment bank "buy" notes – gold hasn't even got started.

To read more about gold's growing fanclub – and why even "contrarian" investors might want to join this bull market today – click here for BullionVault's exclusive January outlook now...

Adrian Ash is director of research at BullionVault, the physical gold and silver market for private investors online. Formerly head of editorial at London's top publisher of private-investment advice, he was City correspondent for The Daily Reckoning from 2003 to 2008, and is now a regular contributor to many leading analysis sites including Forbes and a regular guest on BBC national and international radio and television news. Adrian's views on the gold market have been sought by the Financial Times and Economist magazine in London; CNBC, Bloomberg and TheStreet.com in New York; Germany's Der Stern; Italy's Il Sole 24 Ore, and many other respected finance publications.

See the full archive of Adrian Ash articles on GoldNews.

Please Note: All articles published here are to inform your thinking, not lead it. Only you can decide the best place for your money, and any decision you make will put your money at risk. Information or data included here may have already been overtaken by events – and must be verified elsewhere – should you choose to act on it. Please review our Terms & Conditions for accessing Gold News.

Follow Us

Facebook Youtube Twitter LinkedIn

 

 

Market Fundamentals