The first trading day of the month is usually good to equities, but after a two-day respite, stocks went back back to broad-based declines. The sharp rise in oil prices overshadowed some encouraging corporate and economic news.
With gold prices going gangbusters, there's no shortage of ways to play the precious metal. But if you're really looking for some action (as well as some potential downside protection), individual gold-mining picks have the best shot to outperform.
Stocks closed ever-so-slightly higher Friday as traders weighed some better-than-expected earnings news and inflation data against slumping consumer sentiment.
Gold prices slipped Wednesday after closing at a record high in the previous session. Prices have risen sharply over the past three weeks as the euro has come under pressure.
Gold prices briefly crossed $1,260 an ounce in Friday morning trading on the Comex division of the New York Mercantile Exchange. Gold futures for August delivery, the most heavily traded contract, rose as much as $12.20 to $1,260.90 before paring gains. On Thursday, gold closed at $1,248.70 and ounce, a new nominal closing high on the Comex.
