Gold Shares Spike As Metal Nears All-Time High
posted on
Jun 17, 2010 12:40PM
Golden Minerals is a junior silver producer with a strong growth profile, listed on both the NYSE Amex and TSX.
http://finance.yahoo.com/news/Gold-Shares-Spike-As-Metal-indie-3801942761.html?x=0&.v=1
Move into Gold stock has just started!!!
The equity markets and the U.S. dollar pulled back on Thursday, giving gold room to run. The metal is ahead by more than 1% to $1,246.40 -- less than $10 from the all-time high of $1,254.50 hit last Tuesday. The SPDR Gold Trust (NYSE: GLD - News ) and Sprott Physical Gold Trust ETV (NYSE: PHYS - News ) are both trading higher for the session, but the gains are paltry in comparison to select components of the Gold and Silver Stocks Index , where some miners are soaring by more than 3%.
As a whole, the Index is ahead by 2% for the session, led by U.S. Gold (AMEX: UXG - News ), Rubicon Minerals (AMEX: RBY - News ), DRDGold (NASDAQ: DROOY - News ), and Eldorado Gold Corporation (NYSE: EGO - News ), all four of which are up by more than 4%.
Pro-favorites Barrick Gold (NYSE: ABX - News ), Newmont Mining (NYSE: NEM - News ), Goldcorp (NYSE: GG - News ), and Kinross Gold (NYSE: KGC - News ) are all helping the sector average with gains of more than 2% today. At the end of the first quarter, 81 Pros counted Barrick shares among their top-15 U.S.-listed equity positions making it one of the top-60 stocks by Pro popularity .
Charles Oliver of commodity hedge fund Sprott Assett Management told Reuters that while physical gold bullion is a defensive play, mining stocks are an offensive play for investors looking for capital gains. At the end of Q1, Sprott's top equity holdings included Barrick, Kinross, Jaguar Mining Inc (NYSE: JAG - News ), Silver Wheaton (NYSE: SLW - News ), and Gold Fields (NYSE: GFI - News ) among a slew of other mining plays.