Gold, Silver Shares Up on Inflation Fears
Gold, Silver Shares Climb
As Investors Seek Safe Haven
From Equities Vulnerable to Inflation
By The Associated Press
Wednesday, November 16, 2005
http://biz.yahoo.com/ap/051116/apfn_gold_mover.html?.v=1 [1]
NEW YORK -- Shares of gold stocks got a significant boost in
afternoon trading Wednesday, as investors sought a safe haven from
equities vulnerable to inflation.
A number of gold mining companies saw shares rise rally in afternoon
trading on the New York Stock Exchange. Gold Fields Ltd. led the pack
up $1.39, or 10.3 percent, to $14.87, on nearly four times its
average daily volume. Agnico-Eagle Mines Ltd. rose 89 cents, or 6.4
percent, to $14.72, and Glamis Gold Ltd. jumped $1.07, or 4.9 percent
to $22.88.
"Gold stocks typically follow gold prices rapidly, and when there's
mounting concern about inflation, it tends to drive speculative
interest in gold," BMO Nesbitt Burns analyst Geoff Stanley said in an
interview. "We are also in a seasonally strong trading pattern on
gold. In the lead up to the holiday season, you tend to see increased
demand, through the fourth quarter, and the first quarter you may see
weakness."
The inflation jitters may have hit investors yesterday after Federal
Reserve nominee Ben Bernanke vowed in a Senate confirmation hearing
that battling inflation would be his top priority.
Gold dealers in London fixed a recommended price of $477.80 bid per
troy ounce in late trading, up from $467.90 on Tuesday. On the New
York Mercantile Exchange, gold jumped 7.5 percent to $475.45 a troy
ounce Wednesday afternoon.
The bullion price for silver Wednesday on the London market was
$7.950 a troy ounce, compared with $7.770 Tuesday. In New York,
silver was up $2.76, to $8.002.
"We started to see overnight buying in Tokyo, and that followed
through to London and New York," RBC Capital Markets analyst Stephen
Walker said. "We've seen a lot of options. My understanding is that
there may be jewelers bulking up for the holiday season."
The stock activity also comes on the heels of published reports
suggesting both the South African and Russian central banks may
increase their gold holdings.
Other companies seeing shares rise on the Big Board included Harmony
Gold Mining Co Ltd., rising 76 cents, or 6.5 percent, to $12.40;
Kinross Gold Corp., up 37 cents, or 5.5 percent, to $7.11, and
Newmont Mining Corp., up $2.70, or 6.3 percent, to $45.78.
Barrick Gold Corp. shares jumped 96 cents, or 3.7 percent, to $26.22,
and Buenaventura Compania de Minas SA, rose $1.03, or 3.8 percent, to
$27.90, also on the NSYE.
Among silver mining companies, Coeur d'Alene Mines Corp. was up 33
cents, or 8.3 percent, at $4.20 on the Big Board; Silver Wheaton
Corp. was up 34 cents, or 7.5 percent, at $4.90 on the American Stock
Exchange; and Helca Mining Co. was up 13 cents, or 4.3 percent, at
$3.18 on the NYSE.
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http://www.usagold.com/amk/usagoldmarketupdate.html [10]
http://www.GoldReview.com/ [12]
http://www.capitalupdates.com/ [13]
http://www.DailyReckoning.com [14]
http://www.goldenbar.com/ [15]
http://www.silver-investor.com [16]
http://www.thebulliondesk.com/ [17]
http://www.sharelynx.com/ [18]
http://www.mininglife.com/ [19]
http://www.financialsense.com [20]
http://www.goldensextant.com [21]
http://www.goldismoney.info/index.html [22]
http://www.howestreet.com [23]
http://www.depression2.tv [24]
http://www.moneyfiles.org/ [25]
http://www.howestreet.com [23]
http://www.minersmanual.com/minernews.html [26]
http://www.a1-guide-to-gold-investments.com/euro-vs-dollar.html [27]
http://www.goldcolony.com [28]
http://www.miningstocks.com [29]
http://www.mineralstox.com [30]
http://www.freemarketnews.com [31]
http://www.SilverSeek.com [33]
http://www.investmentrarities.com [34]
http://www.kereport.com [35]
(Korelin Business Report -- audio)
http://www.plata.com.mx/plata/home.htm [36]
(In Spanish)
http://www.plata.com.mx/plata/plata/english.htm [37]
(In English)
http://www.resourceinvestor.com [38]
http://www.prudentbear.com [40]
http://www.dollarcollapse.com [41]
http://www.kitcocasey.com [42]
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http://www.golddrivers.com/ [44]
http://www.goldpennystocks.com/ [45]
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http://www.goldinsider.com/ [47]
http://www.interventionalanalysis.com [49]
http://www.investmentindicators.com/ [50]
Eagle Ranch discussion site:
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Ted Butler silver commentary archive:
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----------------------------------------------------
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