SPDR Gold Shares (NYSE: GLD) — This exchange-traded fund (ETF) seeks to mirror the price of gold bullion.

I have been recommending GLD for more than a year. Our latest Trade of the Day recommendation on Sept. 16 said, “An intermediate correction in July only temporarily interrupted the rising price of gold, and this week, GLD broke from a triple-top to a new high. The immediate target is still $130, but with new buying from central banks, the price could jump to $140.” 

With the recent breakaway gap, the possibility of a “currency war,” and a rush to precious metals, our target is raised to $150-plus.

Since GLD is technically overextended, protect new positions with smaller initial positions and close trailing stop-loss orders to protect against violent corrections.

If you have questions or comments for Sam Collins, please e-mail him at samailc@cox.net.