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    gold investing

    Gold Mining Stocks in Huge Rally

    Investing News Network
    Dec. 29, 2016 04:44PM PST
    Precious Metals

    Gold bulls were enjoying their best day in nearly two months on Thursday as the metal fights back following a relentless sell-off since the election of Donald Trump as the next US president.

    Gold bulls were enjoying their best day in nearly two months on Thursday as the metal fights back following a relentless sell-off since the election of Donald Trump as the next US president.
    Gold for delivery in February, the most active contract on the Comex market in New York, hit a high of $1,160.60 an ounce in lunchtime trade, up $19.70 or 1.7% from yesterday’s close.
    If the metal can close at these levels it would be the best one-day performance since November 2. Gold is now up more than $36 an ounce or more than 3% since hitting an 11-month low on December 15.
    Gold’s jump saw investor piling back into gold mining stocks with across the board gains for the sector’s majors.
    Barrick Gold (NYSE:ABX, TSE:ABX) jumped 6.3% with the stock trading at a seven-week high. Barrick, the world’s number one gold producer in terms of output, has also regained its crown as the most valuable gold mining company after briefly losing it to Newmont Mining during the post-US election drop in the gold price.
    Volumes were heavy given overall holiday-thin trading with more than 23 million shares in Barrick exchanging hands making it the third most active stock on the NYSE
    Year to date Toronto-based Barrick has more than doubled in value and is now worth $19.4 billion in New York. Volumes were heavy given overall holiday-thin trading with more than 23 million shares in Barrick exchanging hands making it the third most active stock on the NYSE.
    The world’s number two producer of the metal, Newmont Mining (NYSE:NEM) also raced ahead more than 6% in afternoon trade bringing the Denver-based company’s gains for the past week to 13.8%. Newmont, the only gold company that forms part of the S&P500 index, is up 94% in value in 2016 for a market capitalization of $18.6 billion.
    Goldcorp (TSE:G, NYSE:GG) shares put in a more modest performance, trading up 4.4%  for market worth of $12 billion in New York.  Year-to-date the Vancouver-based company has underperformed its peers with a 19% gain. Goldcorp is expected to produce between 2.8 million and 3.1 million ounces in 2016, placing it fourth behind AngloGold Ashanti in terms of output.
    American Depository Receipts of AngloGold Ashanti (NYSE:AU) gained 5.9% for a market value of $4.4 billion on the NYSE. The Johannesburg-based company’s stock boasts a 54% rise in 2016.
    On the TSX gold miners made up seven of the top 10 shares in volume terms with B2Gold taking the number slot
    ADRs of Australia’s Newcrest Mining (OTCMKTS:NCMGY) trading in New York added 5%. The world’s sixth largest gold producer is worth $10.7 billion after a 50% advance in US dollar terms this year.  Africa-focused Randgold Resources (NASDAQ:GOLD), jumped 4% and is now worth $7.6 billion after erasing much of its post-Trump losses.
    Toronto-based Agnico Eagle Mines (TSE:AEM, NYSE:AEM) market capitalization was up 6.6% to $9.9 billion in New York. Fellow Canadian counters Kinross Gold (TSE:K, NYSE:KGC) gained 3.9% bringing its 2016 advance to 78% and its market worth back above $4 billion while Iamgold soared by just under 8% affording it a $1.8 billion market cap.
    Kinross and Iamgold stock trading in New York were the fifth and sixth most active shares on the NYSE. On the Toronto Stock Exchange gold miners made up seven of the top 10 shares in volume terms with B2Gold Corp (TSX:BTO) taking the number slot with 6.2 million shares changing hands. Vancouver-based B2Gold jumped 10% and is now worth C$3.2 billion or US$2.4 billion.
    The post Gold mining stocks in huge rally appeared first on MINING.com.
    Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in contributed article. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.

    nasdaq:goldlargest gold produceraustraliadonald trumpgold investinggold company
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