Forget Stocks, Stick with Gold (NYSE:GLD)

Stocks are looking as lame as spending money on a finance degree online, and if there’s one trend that is working these days its gold.  Just sell the house and put it all into the SPDR Gold Trust (ETF) (NYSE:GLD).  Forget the gold companies, just go with the GLD, it does its best to reflect the performance of the price of gold bullion. 

Gold futures topped $1,250 an ounce today, it works out to the biggest monthly gain since April, on speculation the dollar will decline, boosting the allure of the precious metal as a haven. 

(BusinessWeek.com) The dollar fell as much as 0.3 percent against a basket of six major currencies, including the yen and the euro, as Treasuries headed for a monthly gain. Gold reached $1,251.80, the highest level since June 28. The MSCI World Index of equities is down 4.2 percent in August on concern that the economic rebound is slowing.

Mastery Sponsors - Become one Today

“There’s a lot of skepticism about the U.S. being a safe haven going forward,” said Adam Klopfenstein, a senior market strategist at Lind-Waldock in Chicago. “If people aren’t comfortable in Treasuries, they’re going to shift into gold.”

Gold futures for December delivery rose $11.10, or 0.9 percent, to settle at $1,250.30 at 1:35 p.m. on the Comex in New York. The metal climbed 5.6 percent in August and is up 14 percent this year. The price reached a record $1,266.50 on June 21.

SOURCE: http://www.businessweek.com/news/2010-08-31/gold-futures-top-1-250-on-demand-for-haven-as-dollar-declines.html