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Gold Breaks $600! Silver sets New Highs!
Gold futures powered higher early Thursday, setting a fresh 25-year high at $600 an ounce, pulling other metals to multiyear levels and helping copper to a new all-time high.
"Gold is exploding and silver isn't far behind," said Kevin Kerr, trader and editor of Global Resources Trader.
Gold for June delivery rose to $600 an ounce in official trade on the New York Mercantile Exchange, having earlier hit a high of $601.90 in electronic trade.
Silver traded at a new 22-year high of $12.01 an ounce, after peaking at $12.08 in electronic trade.
The metal has rallied sharply in recent weeks as excitement has built about the pending launch of a silver exchange-traded fund, that's expected to boost physical demand for the metal.
Platinum rose $17.40 to $1,098 an ounce and palladium was up $13.35 at $356 an ounce.
"Key resistance was broken overnight and as we have been building support and healthy consolidation over the last week or so now we have a firm base to move higher," said Kerr, who noted that today's rally has come without any real news to drive it.
Analysts at Action Economics said metals are finding strong support from continued buying by funds, seeking out asset classes with a potential for strong returns.
Now that gold has hit the psychologically key $600 an ounce level, some nearer-term funds may take the opportunity to lock in some profits, they said.
On the other hand, the break through $600 will also trigger a range of stops and key hedge-fund buy levels, said Kerr.
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