Barrick (NYSE:ABX), Goldcorp (NYSE:GG), Newmont (NYSE:NEM) as China Increased Gold Imports

The broader gold market today was soaring up till about noon, as news China has significantly increased its gold imports over the last year caused most gold miners, including large-caps Barrick Gold (NYSE:ABX), Goldcorp (NYSE:GG), and Newmont Mining (NYSE:NEM) to make nice upward moves, although as happens many times, speculators moved in and out of the market in that time frame and gold prices dropped a little after noon.

That has had more of an effect on smaller gold miners though, as the major firms are holding their share price even with the drop in price.

According to the Shanghai Gold Exchange, China has increased their acquisition of gold in 2010 to 209 metric tons as of the end of October, boosting it far above the 45 metric tons acquired in the entire year of 2009. Much of this is related to battling inflation and having larger reserves in a weak currency environment.

Barrick was trading at $53.39, gaining $0.95, or 1.81 percent, at 1:21 PM EST. Goldcorp moved up to $46.77, up $0.62, or 1.34 percent. Newmont was at $60.56, increasing by $0.91, or 1.53 percent.