- Gold miners rally as demand for safe-haven assets lift prices for the yellow metal to the highest in three months, +0.9% to $1,236/oz., trading above both its 50- and 100-day moving averages.
- "Rising risk aversion, falling stock markets and continued concerns regarding Italy are supporting prices," says Commerzbank (DE:CBKG) analyst Carsten Fritsch.
- "We have a whole series of situations in connection with Saudi Arabia and Russia, and trade tensions between U.S. and China, and that has been having a knockdown impact on equities and in turn providing support to gold prices," according to Capital Economics analyst Ross Strachan.
- Among gold mining names on the rise: ABX +2.6%, GG +1.5%, KGC +1.2%, AU +2.3%, NEM +0.2%, GOLD +2.3%, AEM +2.8%, AUY +2.1%, IAG +3.6%, RGLD +2.2%, GFI +5.1%, SBGL +2.4%.
- ETFs: GLD, GDX, NUGT, GDXJ, JNUG, GGN, DUST, IAU, PHYS, JDST, SGOL, XME, GOEX, UGLD, SGDM, UGL, DGP, GLL, ASA, GTU, GLDI, OUNZ, RING, DZZ, SGDJ, DGL, DGLD, TGLDX, DGZ, PSAU, GOAU, GDXX, GYEN, BAR, GEUR, GDXS, GLDW, GHS, UBG, QGLDX, GHE, MELT, AAAU, GLDM, IAUF
- Now read: 5 Reasons Why GDX Is Going Substantially Higher
Original article