Gold stocks gain as futures extend six-year highs

|About: Barrick Gold Corporation (GOLD)|By:, SA News Editor

Gold adds to six-year highs, on track for a fifth straight gain, as prospects of lower Federal Reserve rates and lingering geopolitical tensions between the U.S. and Iran fuel safe-haven buying; Comex gold +1.2% to $1,417.40/bbl.

ETF investors are moving back into gold, Commerzbank analysts say, as holdings of the SPDR Gold Trust jumped 4.6% on Friday from a day earlier, its biggest one-day percentage gain since September 2008.

Large speculators sharply increased their bullish positioning in gold futures for the fourth straight week, the Commodity Futures Trading Commission reports.

Gold holding above the psychologically important $1,400/oz. level is a positive signal for consolidation after last week's rally, says Carlo Alberto De Casa, chief analyst at ActivTrades.

Gold prices have climbed nearly 8% so far this month and more than $70/oz. just over the past week.

Precious metals equities are rallying again: GOLD +3.5%, KGC +3%, AEM +2.9%, GFI +2.9%, AUY +2.2%, IAG +2.1%, CDE +1.9%, NEM +1.6%, AU +1.5%, HMY +1.1%.

ETFs: GLD, GDX, NUGT, GDXJ, JNUG, GGN, DUST, IAU, PHYS, JDST, SGOL, GOEX, UGLD, SGDM, UGL, DGP, GLL, ASA, GLDI, OUNZ, RING, DZZ, SGDJ, DGL, DGLD

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