Gold Keeps Ripping Higher

After U.S. data on consumer sentiment and spending came in better than expected Gold (AMEX:GLD) futures fell pulling back after logging five straight winning sessions. Gold shed $3, or 0.2%, to trade at $1,744.70 an ounce.

Government data showed U.S. consumers saved less and spent more in September. Personal income rose 0.1%, and consumer spending jumped 0.6%, the Commerce Department said. Gold futures are still trading more than 6% higher for the week. Also helping lift prices for gold and other commodities is the fact that Europe’s latest effort to contain the euro zone’s two-year-old debt crisis had won applause Thursday in the stock market. For December delivery silver (AMEX:SLV) fell by 8 cents, or 0.2%, to $35.03 an ounce and copper traded up 1 cent at $3.70 a pound, poised for a gain of nearly 5% on the week. Also palladium fell $1.75, or 0.4%, to $667.15 an ounce, but in January platinum added $8.50, or 0.5%, to $1,649.90 an ounce, ready for a weekly gain of around 9%.

“Prices for copper have climbed on the heels of a rise in the flash estimate of China’s unofficial manufacturing PMI for October, as well as the announcement of the “bare bones of a rescue package for the euro zone” and a labor strike at Freeport McMoRan Copper & Gold Inc.’s (NYSE:FCX)  Grasberg mine in Indonesia, Ross Strachan, commodities economist at Capital Economics said in a note,” according to Market Watch.

  • SPDR Gold Trust (AMEX:GLD): The shares recently traded at $169.68, up $0.04, or 0.02%. Its market capitalization is $. They have traded in a 52-week range of $28.11% to $. Volume today was 71.82B shares versus a 3-month average volume of N/A shares. The company’s trailing P/E is Commodities Precious Metals, while trailing earnings are $State Street Global Advisors per share. The company pays a dividend of $ per share for a dividend yield of %. About the company: SPDR Gold Trust is an investment fund incorporated in the USA. The investment objective of the Trust is for the Shares to reflect the performance of the price of gold bullion, less the Trust’s expenses. The Trust holds gold and is expected from time to time to issue Baskets in exchange for deposits of gold and to distribute gold in connection with redemptions of Baskets.
  • iShares Silver Trust (AMEX:SLV): The shares recently traded at $34.25,. Its market capitalization is $. They have traded in a 52-week range of $ to $4.21%. Volume today was 9.78B shares versus a 3-month average volume of N/A shares. The company’s trailing P/E is Commodities Precious Metals, while trailing earnings are $iShares per share. The company pays a dividend of $ per share for a dividend yield of %. About the company: iShares Silver Trust is a trust formed to invest in silver. The assets of the trust consist primarily of silver held by the custodian on behalf of the trust. The objective of the trust is for the shares to reflect the price of silver owned by the trust, less the trust’s expenses and liabilities.
  • Freeport-McMoRan Copper & Gold Inc. (NYSE:FCX): The shares recently traded at $42.57, down $0.19, or 0.44%. Its market capitalization is $40.36 billion. They have traded in a 52-week range of $28.85 to $61.35. Volume today was 15,228,699 shares versus a 3-month average volume of 23,905,100 shares. The company’s trailing P/E is 7.44, while trailing earnings are $5.72 per share. The company pays a dividend of $1.00 per share for a dividend yield of 2.60%. About the company: Freeport-McMoRan Copper & Gold Inc., through its subsidiary, is a copper, gold and molybdenum mining company. The Company primarily mines for copper and owns mining interests in Chile and Indonesia. Freeport-McMoRan Copper & Gold also, through a subsidiary, is involved in smelting and refining of copper concentrates.
  • iPath Dow Jones UBS Copper Tota (NYSE:JJC): The shares recently traded at $47.70, up $0.2, or 0.42%. Its market capitalization is $. They have traded in a 52-week range of $ to $7.53%. Volume today was 180.39M shares versus a 3-month average volume of N/A shares. The company’s trailing P/E is Commodities Industrial Metals, while trailing earnings are $iPath per share. The company pays a dividend of $ per share for a dividend yield of %. About the company: iPath Dow Jones-UBS Copper Total Return Sub-Index ETN is an exchange-traded note incorporated in the USA. The Notes will provide investors with a cash payment at the scheduled maturity or early redemption based on the performance of the underlying index, the Dow Jones-UBS Copper Total Return Sub-Index.

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