This morning the SPDR Gold Shares(NYSE:GLD) are soaring to a new high for the year at $123.88. Spot gold is also trading at a new all time high around $1268.00 an ounce. Often gold will trade higher when there is fear in the stock market or when the central banks around the world continue to print more money. Gold has now been in a bull market for the past ten years and remains strong on the charts.
The gold mining stocks are all surging higher as well today. The Market Vectors Gold Miners ETF(NYSE:GDX) is trading higher today by $1.69 to $54.68. The daily chart will have resistance around the $56.00 area. Intra-day the GDX will face short term intra-day resistance around the $55.00 level. Leading mining stocks such as Newmont Mining Corp.(NYSE:NEM), Randgold Resources Ltd.(NASDAQ:GOLD), and Yamana Gold Inc.(NYSE:AUY), are all trading near or at new highs for the year.
