Gold has been moving higher as the dollar is once again under fire and crude oil bubbles to record highs. The sell-off in the equity market and the return of the “flight to safety” trade is also giving the yellow metal a lift. Yesterday, gold rallied more than $33.00, or almost 4 percent, for its best one day gain since March 1985. Today, gold is making a run to $925.00 and gold mining stocks are once again shining. The PHLX Gold and Silver Mining Index (.XAU) is up 5 points to 193.06. In the options market, sentiment is mixed this morning, with 15,000 puts and 46,000 calls trading in the materials (basic resources) sector during the first 15 minutes of trade. Some call selling is being seen early in Newmont (NEM) and Barrick Gold (ABX), the two largest mining companies by market value.
Category: All Indexes
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Frederic Ruffy is a well-known trader, writer, and strategist who has spent years educating investors and creating intelligent, insightful, unbiased market observations that are frequently cited by the Wall Street Journal and other financial publications. As senior analyst, Fred provides frequent and regular notes and daily updates for activity of interest.