Gold Rush Again
Gold is off to the races once again as central banks continue to look for a way to keep European Union countries from defaulting. At this time, gold seems to be the only safe haven currency in the world that investors have any faith in. The SPDR Gold Shares(NYSE:GLD) are trading higher by $1.90 to $173.70 a share. Traders can watch for some minor intra-day resistance around the $174.00 level. Should the GLD trade through that area the next important resistance area for the GLD will be around the $175.00 level.
Often silver will follow gold very closely. Silver is considered the poor mans gold by many traders and investors. This morning, the iShares Silver Trust(NYSE:SLV) is trading higher by 0.19 cents to $38.86 a share. Traders must remember that silver is also an industrial metal, therefore, this precious metal will lag gold when the industrial metals are weak. Some of the industrial metals that are weak today include copper, iron, and steel.