The rally in precious metals and related stocks continues to push higher as the SPDR Gold Trust (NYSE: GLD) hits a new five-month high. The initial rally was spurred by oversold technical levels, but the last few weeks the fuel has been moves by central banks around the globe. On Wednesday, Canada was the latest country to surprise the markets with an interest rate move. Next up is the European Central Bank.
Even though the moves have hurt the value of the local currencies and helped push the U.S. Dollar Index to multi-year highs, gold has been viewed as an alternative. Typically, the U.S. dollar and gold move in inverse relationships, but this time may be different.
Moving with the price of the hard commodities are the mine workers. After being beaten up for the last few years, the ETFs that track miners ...
/www.benzinga.com/etfs/sector-etfs/15/01/5165898/precious-metal-etfs-breaking-downtrend alt=Precious Metal ETFs Breaking Downtrend>Full story available on Benzinga.com
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