FXA soaring on gold prices

Gold bugs around the world have been rejoicing this week as the price of gold has climbed above $1,000 per ounce. On the same note, forex investors with money in the Australian dollar have been rejoicing for the same reason.

You see, the Australian dollar has a cozy relationship with gold. As gold prices go up, the Australian dollar typically goes up, and as gold prices go down, the Australian dollar typically goes down. This relationship stems from the fact that Australia mines and exports a good portion of the world's gold.

Well, if you want to take advantage of the boom in the Australian dollar without having to jump into the forex market, you can buy the CurrencyShares Australian Dollar Trust (NYSE: FXA).

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FXA soaring on gold prices originally appeared on BloggingStocks on Fri, 18 Sep 2009 19:00:00 EST. Please see our terms for use of feeds.

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