Gold Mining Stocks Are Running

$XAU, $GLD, $GOLD, $NEM, $OPYGY, $KGC, $AUY, $MUY, $GFI, $ACMUY, $AEM

FLASH: Gold gathered momentum Thursday driving the shares of gold miners higher across the board.

Gold for delivery in August, the most active futures contract trading in New York, settled at $1,396.90 oz. Up nearly $50 oz, or 3.6% from Wednesday’s settlement and the highest since September, 2013.

Barrick Gold (NYSE:GOLD) until last year the world’s # 1 gold miner in terms of ounces produced, spiked 5.7% in more than 3X usual volume of shares traded. Barrick is trading at the highest since October 2017 and is now worth $27-B in New York.

Newmont Goldcorp (NYSE:NEM) ended the day 3.4% higher for a market value just short of $31-B. Newmont absorbed Vancouver-based Goldcorp this year and the combined company is targeting output of 8.4-M oz this year, 2.8-M oz more than Barrick’s forecast production in Y 2019.

Gold, last year the world’s #4 gold producer at over 2.4-M oz gained 4.6% lifting its market value to $4.8-B. The performance of Russian producer Polyus was more subdued and units of the company trading in London added less than 1% to lift the company’s value to $11.5-B. Moscow-based Polyus (OTCMKT:OPYGY) is set to overtake Kinross (NYSE:KGC) as the 4th largest gold producer.

Gains were even more spectacular further down the rankings with Canada’s Yamana Gold (NYSE:AUY) leading with a 9% advance for a market cap of $2.3-B. Harmony Gold (NYSE:MUY) added 7.4% lifting its market worth to over a $1-B. The South African firm last year produced 1.4-M oz of gold compared to 940,000 ounces for Yamana.

South Africa’s Gold Fields(NYSE:GFI) jumped 4% and the company’s depositary receipts are now valued at $4.4-B in New York, a 3-year high for the 2-M oz-plus gold miner.

Australia’s Newcrest Mining OTCMKT:NCMGY) was set to add to its 4% gains Thursday as markets open in the country for Friday’s session. Newcrest is worth $17.5-B and last year mined 2.4-M oz, 6% more than than in Y 2018.

Agnico Eagle (NYSE:AEM), the world’s #9 gold miner in terms of annual production, is worth $11.7-B a 3% gainer Thursday

Have a terrific weekend.

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