Gold ETF Surges 2% to End Week as Bernanke Speaks

Gold traders seem to like it when Federal Reserve Chairman Ben Bernanke opens his mouth to speak about the economy.

The largest exchange-traded fund for gold, SPDR Gold Shares (NYSE: GLD  ) , was up 2% in afternoon trading Fridaym thanks to a late-day spike after Bernanke said high unemployment and a weak housing market are putting some at risk of being left behind in the recovery.

"The broader economy is in a moderate recovery, and we have recently seen some welcome, if gradual, improvement in the labor market," Bernanke said in a speech. "But our economy is far from where we would like it to be, and many people and neighborhoods are in danger of being left behind."

Gold prices touched $1,560 an ounce Friday afternoon, a fresh record high. The metal has been rallying since Wednesday, when the Fed and Bernanke signaled the central bank's intentions to keep rates low to boost the economic recovery.

More from ETFTrends:

Want to cash in on the gold rush? Check out the Fool's special report on one little-known company that's digging up gold profits.

Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.


Read/Post Comments (0) | Recommend This Article (1)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

Sponsored Links

Leaked: Apple's Next Smart Device
(Warning, it may shock you)
The secret is out... experts are predicting 458 million of these types of devices will be sold per year. 1 hyper-growth company stands to rake in maximum profit - and it's NOT Apple. Show me Apple's new smart gizmo!

DocumentId: 1485763, ~/Articles/ArticleHandler.aspx, 10/24/2014 4:55:51 PM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...


Advertisement