Gold mining stocks on a tear

June 21, 2019

London (June 21)  Gold gathered momentum on Thursday sending 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 an ounce. That’s up nearly $50 an ounce or 3.6% from yesterday’s settlement and the highest since September, 2013.

Barrick Gold, until last year the world’s no 1 gold miner in terms of ounces produced, jumped 5.7% in more than three times usual volume of shares traded. Barrick is trading at the highest since October 2017 and is now worth $27 billion in New York.

Newmont Goldcorp ended the day 3.4% higher for a market value just short of $31 billion. Newmont absorbed Vancouver-based Goldcorp this year and the combined company is targeting output of 8.4m ounces this year, 2.8m ounces more than Barrick’s forecast production in 2019.

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