This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Gold Price Rises as Russia Buys

NEW YORK ( TheStreet) -- Gold prices rise on the diving U.S. dollar and Russia buying more gold.

Reports from Moscow indicate that Russia's central bank will buy 30 tons of gold from the state repository bringing the country's total gold holdings to 5%. The sale strengthens the notion that global central banks are transitioning from net sellers of gold to net buyers. This follows the Reserve Bank of India's purchase of 200 tons of gold at record prices from the IMF in early November.

Although gold prices are down from their $1,226 highs, the precious metal was adding $4.20 to $1,124.10 an ounce at the Comex division of the New York Mercantile Exchange. Gold delivery for February, the most actively traded contract, has traded as high as $1,128.90 and as low as $1,111.70.

Risk appetite returned to equities after Abu Dhabi eased fears over Dubai's credit crisis by offering $10 billion in emergency funds. The good news buoyed investor sentiment but put pressure on the U.S. dollar. The U.S. dollar index was slipping .20% to $76.41 after rallying last week against the Euro.

Silver prices were adding 21 cents to $17.28 while copper was up 2 cents to $3.15.

Mining stocks, typically a more leveraged way to invest in gold, were mixed. Large cap miner, Barrick Gold (ABX - Get Report) was trading down to $39.58 while Newmont Mining (NEM - Get Report) was flat at $51.18. Shares of Freeport McMoran Copper & Gold (FCX - Get Report) were at $76.81 while Kinross Gold (KGC - Get Report) was trading at $19.23. The most popular physically backed gold ETF, SPDR Gold Shares (GLD) was rising .65% to $109.32. Market Vectors Gold Miners (GDX) was trading at $47.82 while shares of Market Vectors Juniors (GDXJ) were jumping 1.23% to $25.53.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
GDXJ $22.79 -3.40%
GDX $18.46 -2.00%
GLD $113.78 -1.10%
ABX $11.14 -1.30%
FCX $19.38 3.10%


DOW 17,976.31 +263.65 1.49%
S&P 500 2,086.24 +25.22 1.22%
NASDAQ 4,947.4410 +56.2220 1.15%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs