The realization we've never left the recession is starting to be realized by a growing number of investors, and gold miners like Eldorado Gold Corp. (NYSE:EGO), Barrick Gold (NYSE:ABX) and Goldcorp (NYSE:GG) are soaring today as gold prices continue their upward march with investors seeking safety.
Gold prices are approaching two-month highs, up to $1,240, a gain of $10.20, as of 1:15 PM EDT.
Continuing bad news concerning the economy is the major reason for the resumption in gold prices surging upward. As the stimulus money leaves the system the underlying weakness is again in the face of investors who see it did nothing but hide the economic disaster, rather than do anything to help.
And calls for more stimulus have people extremely worried as economic report after economic report, including the plunge in sales of previously-owned homes plunging, and a record low in sales of new homes, which plunged to an annual rate of 276,600, along with a 12.4 percent decline in July.
A report from the Commerce Department also revealed orders for durable goods failed to meet expectations, indicating continued weakness in the manufacturing sector.
Gold prices today show the future pattern, and gold mining companies will be the beneficiaries of this strong move as the disaster the economy really is becomes to be understood more fully by investors, who will increasingly use gold investments as a safe haven.
1 comment:
Gold Fields is trending high as well. A promising one.
Post a Comment