Gold Marks Fresh 6.5-year Highs, Miners’ Stocks Rally

Gold Marks Fresh 6.5-year Highs, Miners’ Stocks Rally

$XAU, $GDX, $GLD, $HL, $NEM, $CDE, $AU, $HMY

Tuesday, shares of gold miners were broadly higher in afternoon trading, as worries about escalating US-China trade tensions, data showing a surprise contraction in the US manufacturing sector and uncertainty surrounding BREXIT has helped fuel demand for safe-haven gold.

The VanEck Vectors Gold Miners ETF GDX, +1.71% rallied 2.2% with 39 of 44 components gaining ground.

Among the more active US-listed shares, Hecla Mining Co. HL, +6.18% hiked up 5.3%, Coeur Mining Inc. CDE, +2.01% climbed 2.7%, Newmont Goldcorp Corp.NEM, +1.25% advanced 1.9% and AngloGold Ashanti Ltd. AU, +0.31% tacked on 1.5%, while Harmony Gold Mining Co. Ltd. HMY, -1.08% lost 1.2%.

Meanwhile, SPDR Gold Shares GLD, +1.39% rose 1.4% toward the highest close since April 2013, while continuous gold futures GC00, +0.08% gained 1.7%, also toward a 6.5 year high. The gold miners ETF has now soared 64.5% over the past 12 months, while the S&P 500 SPX, -0.69% has slipped 0.2%.

US Dec 19 gold futures are at 1,556.30+0.40 (+0.03%),as of 9:29p EDT. the market is open.

Stay tuned…

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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