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Gold was one of the few things that was up while stock markets around the world tanked.

  • Author:Dana
  • Release on :2016-01-11

Gold was one of the few things that was up while stock markets around the world tanked.
It's not a happy new year for investors ... unless you're a gold bug.
Gold was one of the few things that was up on Monday while stock markets around the world tanked. The yellow metal rose nearly 2% to about $1,080 an ounce. Gold mining stocks were rallying too.


Newmont (NEM) was up 3%, making it one of the top performers in the S&P 500. In fact, Newmont was one of just 23 stocks in the index that was up in late-morning trading Monday. (Most of the gainers were energy companies, thanks to a spike in oil prices.)
And the Market Vectors Gold Miners ETF (GDX), which includes Newmont as well as other major global miners like Goldcorp (GG), Barrick (ABX) and Randgold (GOLD), was up about 3%.
It makes sense for gold to be in the green while everything else is starting off 2016 in red. Gold often does well during times of fear. It rose in 2008, for example.
There's also the fact that gold has been down for so long, it may finally have reached bottom.
"A small allocation to gold does make some sense. It has done so poorly over the past few years. So there's probably not a lot of downside," said Bill Lynch, director of investments with Hinsdale Associates.

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