Gold Soars and Roars Before Election Results

This afternoon, spot gold is blasting off to the upside by $36.00 to $1719.00 an ounce. The popular and highly traded SPDR Gold Shares (NYSEARCA:GLD) are climbing by $3.23 to $166.48 a share. Gold looks to be telling us that President Obama is in the lead today so far. Gold has been one of the best indicators of inflation creation by the central banks and government spending. Today, the surge in gold is signaling inflation across the board.

The SPDR Dow Jones Industrial Average ETF (NYSEARCA:DIA) is trading higher by $1.52 a to $132.39 a share. This is a 1.16 percent move in the DIA which will generally occur when gold surges higher. Remember, the major stock market indexes and gold will usually trade in tandem with each other.

Gold mining stocks have also caught a strong bid higher today. The popular Market Vectors Gold Miners ETF (NYSE:GDX) is trading higher by $1.03 to $50.42 a share. Leading gold mining stocks such as Yamana Gold Inc (NYSE:AUY), Goldcorp Inc (NYSE:GG), and Royal Gold Inc (NYSE:RGLD) are all trading sharply higher on the session. Today, the U.S. Dollar Index is also weaker on the trading day which will usually help to inflate most gold related equities.

About Nicholas Santiago 575 Articles


Nicholas Santiago started trading in 1991. In 1997, he became a licensed Series 7 and 63 registered representative. He managed money for a large, affluent private client group. After applying his knowledge to his client base, he decided it was time to begin teaching those interested in learning his methods. He is an expert in Technical Analysis. He has become an accomplished technician in the studies of Elliot Wave, Gann Theory, Dow Theory and Cycle Theory. In 2007, he partnered with Gareth Soloway to form InTheMoneyStocks.Com and realize his dream of educating others about the truth of the markets.

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