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Portfolio > Alternative Investments

Gold, Precious-Metal ETFs Hit Records

By Janet Levaux

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Gold had its sixth-straight day of record-breaking price gains on Friday, when it rose nearly 1% after comments from Federal Reserve officials and U.S. data led investors to conclude that monetary easing would continue.

Spot gold topped $1,320.80 at one point on Friday, while gold futures for December settled at $1,317.80.

Silver rose close to 2% to its highest level since 1980, and platinum hit a four-month peak.

Meanwhile, the dollar fell to a six-month low versus the euro on poor economic outlook.

Investors are increasingly turning to gold and other metals as a hedge against market uncertainty, experts say, despite the fact that the Dow Jones Industrial Average closed near 10,830 for the week.

The SPDR Gold Trust ETF hit a high of $129 this week, ending the week at $128.91 on very high volume – 17.2 million shares. The iShares Silver Trust ETF was moving toward $22 on 15 million shares.

The popular USAA Precious Metals and Minerals Fund moved up 0.40, nearly 1%, to $43.62 on Friday.

And U.S. Global Investors Gold and Precious Metals Fund closed up 1% to $19.05, near its 2008 highs. 

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