CAPITAL MARKETS

Gold gains again

Markets were higher yesterday and the gold price has shot up again amid news of appointments at the European Central Bank and US Federal Reserve, plus the prospect of US-Europe trade tensions.

Staff reporter
 Eldorado is waiting on permits for its stalled Skouries gold-copper project in Greece

Eldorado is waiting on permits for its stalled Skouries gold-copper project in Greece

"Some caution and some flight to gold, flight to the safety of Treasuries makes some sense - because everybody is scratching their heads and saying how does this end?" Wells Fargo Asset Management chief investment officer Kirk Hartman told Bloomberg TV.

Gold was above US$1,427 an ounce on the spot market at the time of writing, having gone close to $1,436/oz earlier.

Metals and mining stocks just managed an overall gain on the S&P/TSX Composite Index yesterday.

Eldorado Gold (TSX: ELD) rose 7.6% to a 52-week high, representing a gain of almost 105% so far this year as investors eye the possibility of a more pro-business government in Greece following the July 7 elections, which could address the miner's long-running permitting problems.

The gold sector was performing strongly in afternoon Australian trade, up a collective 2%.

Producer St Barbara (ASX: SBM) was up 4.5% as it recovers some lost ground but remains down about 31% year-to-date.

Newmont Goldcorp (NYSE: NEM) gained 1.4% yesterday in New York yesterday.

Toronto and key European market indices were looking positive but the US was pointing lower, ahead of an early close today and tomorrow's Independence Day holiday.

A growing series of reports, each focused on a key discussion point for the farming sector, brought to you by the Kondinin team.

A growing series of reports, each focused on a key discussion point for the farming sector, brought to you by the Kondinin team.

editions

Mining Journal Intelligence Investor Sentiment Report 2024

Survey revealing the plans, priorities, and preferences of 120+ mining investors and their expectations for the sector in 2024.

editions

Mining Journal Intelligence Mining Equities Report 2023

Access an exclusive, inside look on the quarterly mining IPOs and secondary raisings data and mining equities performance tables with an annual Stock Exchange Comparisons supplement.

editions

Mining Journal Intelligence World Risk Report 2023 (feat. MineHutte ratings)

A detailed analysis of mining investment risks across 121 jurisdictions globally, built on 11 ‘hard risk’ metrics and an industrywide survey.

editions

Mining Journal Intelligence Global Leadership Report 2023: Social licence

Gain insights into social licence trends and best practices from interviews with 20+ top mining company executives and an industrywide survey.