Gold Futures Rebound, Hit $1,840

Gold futures rebounded Tuesday amid broad-based gains in precious metals.

Following yesterday’s slide, COMEX gold futures – per the December contract – finished higher by $38.20, or 2.1%, at $1,829.80 per ounce.
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Gold Stocks (GDX) Rally, “25%-50% Upside” Ahead

Gold stocks advanced Tuesday as the Market Vectors Gold Miners ETF (GDX) climbed 1.0% to $62.57 per share.  The rally in gold stocks and the GDX was fueled by a rebound in gold futures, which surged $40.50 to $1,832.10 per ounce following yesterday’s sell-off.  Canada’s leading gold stocks composite, the S&P/TSX Global Gold Index, jumped 1.4% in concert with the GDX.
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Gold Price Soars 2.4%

The gold price climbed 2.4% Tuesday to $1,832 per ounce on the back of expectations that the weakening economy would prompt the Federal Reserve to initiate more monetary stimulus.  After trading as low as $1,783 early Tuesday, the price of gold soared following a CNBC interview with Chicago Fed President Charles Evans.  The dovish voting member of the Federal Open Market Committee told CNBC’s Steve Liesman, “the data has been soft” and noted that he “would favor more accommodation.”
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