- With Labor Day nearing, an 8-week rally has taken gold right back to its Memorial Day level, with a big move today (GLD +1.6%) bringing the yellow metal within cents of $1,400 per ounce.
- It's been a great run, but Weeden's Michael Purves is advising clients to take profits on a bullish options strategy he drew up just 10 days ago. He notes "considerable resistance" at the $1,410 level, and is "approaching the next leg of this rally with some caution."
- The late-summer move in silver (SLV +4%) is even more impressive and it's returned back to levels seen at the start of May.
- GLD, IAU, SGOL, PHYS, AGOL, DGL, UBG, DGP, UGL, DZZ, GLL, DGZ, UGLD, DGLD, GLDI, SLV, SIVR, AGQ, DBS, USV, ZSL, USLV, DSLV, SLVO.
Gold knocking on $1,400 door
Aug 23 2013, 15:35 ET