Gold Over $940 as Dollar Weakens (GLD, GDX, ABX, AUY, more)
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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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