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Gold jumped 3 percent to a 6-1/2 month high on Wednesday as risk aversion prompted investors to buy gold and bullion-backed exchange-traded funds as a safe haven.
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It’s not unusual for investors to put money in gold when there’s a lot of uncertainty in the market, but the on Wednesday prices pushed through an important technical level – they pushed through resistance just above $930 to reach a peak of $944.30.
What’s the trade now?
Pete Najarian
Although they usually trade in tandem, "if you compare the gold ETF [GLD
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]to the gold miners ETF [GDX
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] you’ll currently see a bit of separation. I think there’s room in the miners to the upside as they close the gap," says the Pit Boss
Joe Terranova
"As anxiety of currency risk goes up all around the world, gold should go up too, says the Liquidator. However of all the precious metals I prefer silver.
Guy Adami
"The pennant formation in the chart of the gold commodity [US@GC.1
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] suggests to me that gold should keep going higher from here, says the Negotiator.
Tim Seymour
If you're looking for a precious metals play I’d look at platinum instead, counsels the Ambassador.
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Trader disclosure: On Feb. 11th, 2008, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Najarian Owns (CAT) Call Spread, (ENER) Call Spread, (EEM) Call Spread, (GDX) Call Spread, (GLD) Call Spread, (STI) Call Spread, (MOS) Call Spread; Najarian Owns (CHK) Put Spread; Najarian Owns (FCX) & (FCX) Calls; Najarian Owns (GS) Calls; Najarian Owns (GE) Puts; Najarian Owns (MSFT) & (MSFT) Short Calls; Najarian Owns (MS) & (MS) Short Calls; Terranova Owns (DIS), (KCE), (XBI), (FXC); Terranova Owns (IBM) Call Spread; Terranova Owns (AMGN) Puts; Seymour Owns (MT), (BAC), (EEM), (FXI); Seymour's Firm Owns (VIP), (TKC); Adami Owns (AGU), (BTU), (C), (GS), (INTC), (MSFT), (NUE)
Data is a real-time snapshot *Data is delayed at least 15 minutes