- Investors are piling into gold, sending the precious metal to a six-year high this week, and analysts think the commodity has established a "base" to go even higher.
- The precious metal is up more than 8% this month, on pace for its best monthly performance since 2016.
- Credit Suisse and Morgan Stanley are among the Wall Street firms that see a big second half of the year for gold.
The SPDR Gold Shares (GLD) was trading at $134.31 per share on Tuesday afternoon, up $0.37 (+0.28%). Year-to-date, GLD has gained 8.62%, versus a 9.82% rise in the benchmark S&P 500 index during the same period. GLD currently has an ETF Daily News SMART Grade of B (Buy), and is ranked #1 of 34 ETFs in the Precious Metals ETFs category.
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Even though the month of June is not over yet, the technical action in gold, as well as some of the gold stocks, have been impressive. So far in June the Spyder Gold Trust (GLD), which reflects the performance of gold bullion, is up 2.5%. In contrast, the Dow Jones US Gold Mining Index ($DSUSPM) is up 8.5% with the VanEck Gold Miners (GDX) up just over 9.6%.