Search For Safe Haven Sends Gold To Record (AG, EGO, ANV, GLD, SVM, SLW, PAAS)
Amid rising fears about Europe’s sovereign debt crisis, which has some speculating Greece will default and that the far larger economies of Italy and Spain could need bailout packages, investors are once again flocking to gold as a safe haven investment, sending COMEX-traded gold to a new record of $1,587.20 an ounce earlier in today’s session. The previous all-time high was $1,577.40 an ounce on May 2.
Silver futures for September delivery were also up nearly 7%, good for the best performance in over two years. The bullish sentiment toward precious metals is helping the Gold and Silver Stocks Index soar 5.3%. Mining stocks have been lagging bullish moves in the underlying metals, particularly gold, in recent months, but that is not the case today.
First Majestic Silver (AG) is surging 9% while Eldorado Gold (EGO) and Allied Nevada Gold Corp (ANV) are both higher by 7%. Not to be outdone are exchange traded products backed holdings of fiscal gold. Holdings in exchange-traded products backed by bullion rose 1% to 2,087 metric tons yesterday, good for the biggest jump in over a year, according to Bloomberg News. Gold holdings in SPDR Gold Trust (GLD), the second-largest ETF in the world by assets, rose 20 metric tons to 1,225.41 metric tons as of Tuesday.
Silver miners are also getting their day in the sun as Silvercorp Metals Inc (SVM) is soaring 8% and Silver Wheaton (SLW) is higher by 5%. Pan American Silver (PAAS) is up 6%. Platinum and palladium futures were up 1.8% and 2.5%, respectively, earlier today, indicating the bullish sentiment toward precious metals is wide-spread today.
Investors can track the Gold and Silver Stocks Index for performance trends and a suite of other metrics at tickerspy.com.
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