Certified Gold Market Prices Posted by James Randolph on August 31, 2010
August 31, 2010 – Certified gold market prices jumped again today, solidifying the asset as an investment leader. In the midst of a month where all three major US stock indexes fell, new home purchases failed to meet expectations, and US bond yields dropped yet again, gold turned in a 5.6% return and is currently hovering just below its’ all-time peak of $1262 per ounce.
Today, investors in the gold market turned their heads toward the Soros Fund, managed by billionaire George Soros. The fund has been bullish on gold for years and announced today that they currently hold almost 16 tons of gold in the form of ETFs, or exchange traded funds. The dismal outlook for the US economy leads most investors to believe that the Soros Fund will not relinquish their holdings anytime soon, although Soros himself has been tight-lipped about what he expects from gold in the coming months.
While the Soros Fund controls about $25 billion, most household investors in the gold market find it easier to buy gold in either coin or bar form. Both the gold coin market and the gold bullion market have taken off today, and as a result gold futures contracts earmarked for mid-December are now trading as high as $1500 per ounce.
September has traditionally been a favorable month for gold investing, although an August gain of 5.6% means we could see some investors take profits in the coming days and weeks. Gold has risen 31.1%, or $296 per ounce, in the last 365 days, including a gain of $12.80 so far today. Visit the Certified Gold Exchange tomorrow for another gold market update, or register below for your free copy of the 2010 Gold Investor’s Guide.
Senior Staff Writer – Certified Gold Exchange