Gold continued its recent surge and today settled at an all-time high of $1,431.20 per ounce. Gold continued to run after the settlement and reached an intra-day high of $1433.40. Gold is currently trading up $19.70 to $1429.60.
The move in gold comes as tension in the Middle East continues to mount with reports today that tanks were spotted heading to Bahrain from Saudi Arabia caused the Saudia Arabian Tadawul All Share Index to plummet by more than 8%. Officials from Saudi Arabia are saying that a Shiite cleric should be “immediately” released after he was arrested following demands for a constitutional monarchy and equal rights for Shiites.
Also in his testimony to Congress today, Federal Reserve Chairman Ben Bernanke showed little concern for inflation – a green light for gold buyers.
Reflecting the move in the underlying commodity, various gold ETFs and gold producers jumped higher.
In ETF land, SPDR Gold Shares (NYSE: GLD) is up 1.3%, Market Vectors Gold Miners ETF (NYSE: GDX) is up 1.8% and Market Vectors Junior Gold Miners ETF (NYSE: GDXJ) is up 2.6%.
In addition to Gold, silver rose near 31-years highs – last trading at $34.52, up $0.72. Silver ETFs and stocks of note include: iShares Silver Trust (NYSE: SLV) +2%, Silver Wheaton Corp. (NYSE: SLW) +2.6%, Pan American Silver Corp. (Nasdaq: PAAS) +2.2%, Coeur d`Alene Mines Corporation (NYSE: CDE) +4%
In the specific gold producers, Goldcorp Inc. (NYSE: GG) is up 3.7%, Barrick Gold Corporation (NYSE: ABX) is up 2.2%, Newmont Mining Corp. (NYSE: NEM) is up 1.9%, Yamana Gold, Inc. (NYSE: AUY) is up 1.6%.