While stocks rip higher Thursday morning, gold (GC=F) is having another good morning as well. Yahoo Finance Senior Markets Reporter Jared Blikre observes the pricing momentum behind the commodity, taking a closer look at notable gold ETFs, silver prices (SI=F), and general market openings.
For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.
Editor's note: This article was written by Luke Carberry Mogan.
Video Transcript
- Let's get over to Jared Blikre for a closer look at some of the gains that we're seeing at the open, Jared.
JARED BLIKRE: Yeah. Stocks are indeed ripping. We can see this across the board here. Small caps actually up the most, up nearly 1%. Dow is in the rear but it's still holding onto gains of about 54 basis points. I want to talk about gold right now then I'll get into some stock action. This is gold futures over the last month, and we are sitting on the sixth day of gains here. You can see we've really launched higher, pretty strong move.
And if you take a look at the prices that we've been at historically, and here's a better chart for you to gauge, you can see all this sideways action. And in fact, on a five-year chart you're going to see it goes back even farther. So when you have a long consolidation period, you tend to, and you get a breakout, you tend to go for extended periods after that as well. So it's all about momentum.
Now, here's the gold volatility index. Yes, there is a VIX of the gold. You can see rather low levels right now. But interestingly, gold tends to rise with volatility. So we actually want to see this move up and to support the move. And then finally, I want to check out with respect to gold, the miners, because they are lagging here. Gold is up here, miners down here. They got a game of catch up to do, which they usually do once the futures get going, so we'll have to see if that happens.
And then rounding out the precious precious metals, here's silver over five years. It is still stuck in its range. So it could very well break out, and it will eventually, but just not the time yet. Now, checking inside the market, interesting sector action. We have materials up the most. That's up 1% followed by tech, industrials, communication services, and utilities. So looking like a pretty healthy mix.
And for everybody worried about those mega-caps, even Apple, all of them up today. Broadcom, J was just talking about them, up 2%, looking forward to those earnings after the bell. Now bigger than Tesla, and there's Nvidia, another record high, up 2%. Guys.
- Keeps climbing to the upside. All right, Jared. Thanks so much for breaking that down for us.
