After starting off slow in earlier in the trading session, gold prices today advanced in the afternoon, pulling the share prices of major gold miners like Barrick Gold (NYSE:ABX), Goldcorp (NYSE:GG), Newmont Mining (NYSE:NEM) and Agnico-Eagle (AEM) up with it.
The story for gold prices at this time is the revelation the American and global economy isn't even close to being robust and in a recovery as asserted in the not too distant past, which has not only added support under gold, but has aided it in continuing its inevitable long-term upward climb in price.
All the major gold miners listed above had gains of 2 percent or better as of about 3:10 PM EDT in New York. Trading volume was below the 3-month average for all of them though, especially with Newmont Mining and Barrick Gold.
After the stimulus had been lowered and/or removed, the economy has been seen to be as naked as it really has been all along, and continued spending can't and won't change that.
But that won't keep the Treasury and Federal Reserve from continuing to take steps which over the long term will devastate the economy, but will be a reason to invest in gold for a long time to come.
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