MarketWatch: GLD

Maybe this is why gold, already at an all-time high gapped up beyond our stops again yesterday.

Despite a report from the World Gold Council showing that demand for the precious metal has subsided, gold soared to a new record high today on the back of another stock market plunge and an announcement from Venezuelan President Hugo Chavez that the country’s gold mining industry would be nationalized.

As you can see in the chart gold is already at $18 56.70 in premarket activity. This will probably cause another gap up in the GLD. We will have to buy some GLD today going into the weekend.