Are you feeling golden? Maybe you should be. Hours after Gold futures smashed through the milestone $4,000 an ounce, they're already on the way to $4,100. And spot gold has finally broken through that golden ceiling too, more than doubling over the last two years. Analysts generally tend toward the view that there's more upside from here (truthfully, what asset are they not bullish on?).
And if a rising tide lifts all boats, then there's more upward moves coming in the metals market. Bank of America took special interest in silver in a new analyst note, while other analysts have flagged the opportunity in platinum and palladium. Today, their futures are up 3%, 2.9%, and 7.6% respectively. That could be a huge boost to some of the more diversified mining ETFs; not just the gold miners of the world.
Most Americans don't own precious metals directly or in their portfolios; that's a story for another time and there's probably a few good reasons for that preference. But with that said, let's speak to a small consolation for Americans today: their stocks are probably up (again).
Tuesday Reading:.
After a down Tuesday derailed the S&P 500's seven-day win streak, all four U.S. indexes are up today. The Nasdaq Composite (+0.83%) is out in front, inching closer to 23K. The Russell 2000 (+0.8%) clawed back toward 2,500. The S&P 500 (+0.58%) and Dow (+0.43%) also gained. We'll see whether the indexes can hold those gains as earnings season kicks off tomorrow with Delta and others.
Meantime, investors might keep their eyes peeled for any surprises in the Fed's FOMC Minutes, due out at 2 p.m. EDT. It'll likely be a collection of things we already know, given the time since the last meeting, but it could further illuminate the Fed's thinking about cutting interest rates at the September meeting.
TurboTax Via TheStreet:
-- Noah Weidner, Markets Reporter
