SPDR Gold Shares (NYSE: GLD) — This exchange-traded fund (ETF) seeks to mirror the price of gold bullion.
As early as April 2009, when the fund was trading at $113, I targeted it for a move above $125.
In June, I revised that target to $130 with the possibility of even higher prices later this year, saying, “In such trying times investors usually flock to gold, and now may be the final opportunity to buy it before a quick run to our target.”
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.
If you have questions or comments for Sam Collins, please e-mail him at samailc@cox.net.
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