Gold Mining Stocks Are Running

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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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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