Wednesday, May 12, 2010

Newmont (NYSE:NEM), Freeport-McMoRan (NYSE:FCX), Harmony Gold (NYSE:HMY) and Gold Fields (NYSE:GFI) Rise with Gold Futures Prices

Gold futures continue to rise into uncharted territory, and gold mining companies are finally starting to rise with them as Newmont (NYSE:NEM), Freeport-McMoRan (NYSE:FCX), Harmony Gold (NYSE:HMY) and Gold Fields (NYSE:GFI) all ended the session with gains.

Newmont was up 51 cent, an increase of .88 percent; Gold Fields moved up 13 cents, or .95 percent; Harmony Gold rose .19 cents, or 1.86 percent; and Freeport-McMoRan enjoyed gains of 2.76, or 3.93 percent.

Gold mining stocks hadn't been moving up with gold futures prices, and it was only a matter of time before they responded and increased along with gold prices.

Now that there are few, if any, barriers to the rise of gold prices, it's impossible to estimate or predict where things are going from here, as the path has never been traveled before, and the sovereign debt crisis in Europe, along with the inflationary pressures in China guarantee we're not going to see a correction in gold any time soon, and even when it does eventually come, gold will continue to march up for a long time to come.

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