This Day On The Street
Continue to site
ADVERTISEMENT
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

Gold Rips Higher as Fed Maintains Stimulus (Update 1)

Updated from 10:27 a.m. ET with price changes and Fed announcement

NEW YORK ( TheStreet) -- Gold prices were surging Wednesday after the  Federal Reserve announced it wouldn't curb the pace of its economic stimulus program.

Gold for December delivery on Globex electronic trading was spiking $57.50 to $1,365.10 an ounce. The gold price traded as high as $1,367.80 and as low as $1,291.50 an ounce, while the spot price was jumping $59.13.

The Fed's policy-making arm said it would continue each month to purchase $40 billion in mortgage-backed securities and $45 billion in longer-term Treasuries.

Gold traders viewed the Fed's decision as positive for gold, because they regard the Fed's asset purchases as inflationary. Many investors hold gold as a hedge against inflation.

Silver prices for December delivery were surging $1.58 to $23.14 an ounce, while the U.S. dollar index was plunging 1.2% to $80.17.

-- Written by Joe Deaux in New York.

Contact by Email.

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
Only $9.95
14-Days Free
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
SYM TRADE IT LAST %CHG
GLD $105.17 0.00%
IAU $10.60 0.00%
SGOL $107.23 0.00%
AAPL $122.99 0.00%
FB $96.99 0.00%

Markets

Chart of I:DJI
DOW 17,751.39 +121.12 0.69%
S&P 500 2,108.57 +15.32 0.73%
NASDAQ 5,111.7330 +22.5270 0.44%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs