Friday, March 31, 2006

Gold & Silver.

Gold broke out to a 25 year high Thursday and the COMEX June gold contract ended the day up $13.20 to close at 591.80 an ounce. Silver was up $0.54 to close at $11.66, a 22 year high. See Reuters article for more info.

The backers of the NYSE listed Gold Shares ETF (ticker: GLD) hope to extend the product's reach to Asia and the Middle East.

In an interview with Dow Jones Newswires, George Milling-Stanley of World Gold Trust Services, GLD's sponsor, said he wants to increase investment demand for gold through ETFs. "We want to grow the market," said Milling-Stanley citing his biggest challenge for the ETF. "Our goal is to have 24/7 coverage. Right now GLD trades about 16 hours a day," said Milling-Stanley. "We would like to see a product in Asia."

The full article can be read here.