SPDR Gold Trust (GLD) Hits Record High

SPDR Gold Trust (NYSEArca:GLD) soared to over $140 as gold bullion closed at $1438 after soaring to $1442, and will continue to rise as investors attempt to protect themselves. Silver actually hit a new 35-year peak at $37.19, and getting closer to the $40-$50 goal we set last fall.

Gold is no longer just a hedge against QE2 and inflation– or a hedge against deflation. Or a hedge against a declining dollar. Today, gold has become an expression of the instability spreading from Tunisia to Egypt to Libya to Syria, to Yemen, to Saudi Arabia, to Iran, to Bahrain– and those street dissensions to come, conceivably in Kuwait, UAE, and elsewhere. Oil supplies are threatened. Buy gold and silver.

You don’t believe? Look at a chart of gold against silver. They are moving in absolute tandem now. Any Sheikh trying to preserve his fortune must own gold and silver.

In the US the price of GLD, the largest gold ETF, hit a peak of $140 and looks set to breakthrough that mark tomorrow or the next day. Let’s see if net selling turns into net buying.

SPDR Gold Trust closed Wednesday at $140.34, rising $1.29, or 0.93 percent.




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