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Barrick Gold Corp, Other Miners’ Stock Up On Price Boost

Published 07/12/2013, 02:31 AM
NEM
2.48%
GC
0.03%
SI
0.44%
PA
0.16%
PL
0.51%
FTNMX551030
0.71%
GOLD
1.37%
GG
0.00%

Barrick Gold Corp, Newmont Mining and Goldcorp are all sitting pretty now.

Well, maybe a little more than pretty.

“Shares of Barrick Gold Corp , the world’s largest gold producer, surged 6.7 percent to $14.94 in early trading on the New York Stock Exchange on Thursday,” Reuters reported.

Its competitors in the gold mining business, Newmont Mining and Goldcorp, also saw stock increases, by rising 5.3 percent and 6.8 percent, respectively. Why all this newfound optimism for gold prices?

Federal Reserve Chairman Ben Bernanke helped things along. On Wednesday he said that “a highly accommodative policy was needed for the foreseeable future, surprising investors after his comments on June 19 that the economy was expanding strongly enough for the Fed to end the stimulus measures by mid-2014.”

Chinese gold bullion gained 2.6 percent on MetalMiner’s precious metals index. Indian gold bullion prices inched up 2.0 percent. The price of U.S. gold bullion increased 1.0 percent. Japanese gold bullion finished the day up 0.3 percent.

On Thursday, July 11, the day’s biggest mover was Chinese silver, which saw a 3.6 percent increase. The price of Indian silver finished the market day up 2.7 percent. Japanese silver prices rose 1.1 percent. U.S. silver saw its price rise 1.1 percent.

After a 1.7 percent increase, Chinese platinum bar finished the day higher. Japanese platinum bar finished the day down 0.5 percent. U.S. platinum bar prices rose 0.4 percent.

One of the day’s biggest changes moved Chinese palladium bar ahead by 3.5 percent. The price of Japanese palladium bar increased 2.8 percent. U.S. palladium bar gained 2.3 percent.

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