Gold Keeps Climbing
Gold prices continue to push to new highs and shareholders of the SPDR Gold Trust (ETF) (NYSE:GLD) enjoyed a new 52-week high.
Thanks to the turmoil and argument over the health of the U.S. debt and dollar, gold continues to climb to new record highs. The GLD has already increased 30% in the last 12 months and 12% in the past 3 months. The SPDR Gold Trust (ETF) (NYSE:GLD) now has a massive market cap of $59 billion. In comparison, NetFlix (NFLX) with a share price over $250 only has a market cap of $13.34 billion and Target Corp.'s (TGT) market cap is $34.5 billion. Its clear that investors have faith in gold and more importantly the very popular SPDR Gold Trust ETF (GLD).
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Believe it or not, the GLD ballooned $5 billion in assets this past month, close to a 10% increase. This past Friday, gold reached $1,508.20 per ounce, and silver reached $47.73 per ounce.
Is gold rising because America is broke? That's the question asked by Jijo Jacob at iBTimes.com (click to read).
The SPDR Gold Trust (GLD)
Bottom line: No matter what your opinion may be regarding the price of gold, the precious metal continues to climb. As long as there is unrest and volatility surrounding the global finical system, you can expect gold prices to stay strong.
GLD ONE YEAR CHART