Gold Over $940 as Dollar Weakens (GLD, GDX, ABX, AUY, more)
With the U.S. dollar falling markedly today, traders are running to the "safety" of hard commodities, specifically gold. Gold for July delivery has jumped nearly $14 today, most recently trading around $941.
While this is not always the case when gold is higher, gold mining stocks are outperforming the commodity today. The Market Vectors Gold Miners ETF (NYSE: GDX) is currently up about 5%, while the SPDR Gold Trust ETF (NYSE: GLD), which more closely tracks the price of the actual good, is up about 1.4%. Today's price action should be a reminder to investors that just because a certain commodity is trading higher, a related stock doesn't necessarily have to move higher or lower in step with it.
Around the gold mining sector:
- Barrick Gold (NYSE: ABX) up 4.9%
- Goldcorp (NYSE: GG) up 5.4%
- Kinross Gold (NYSE: KGC) up 7.9%
- Agnico-Eagle Mines (NYSE: AEM) up 5.3%
- Yamana Gold (NYSE: AUY) up 7%
- Randgold (Nasdaq: GOLD) up 5%
- Silver Wheaton (NYSE: SLW) up 4.7%
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