https://business.financialpost.com/
Gold miners’ share prices are soaring with the value of the precious metal, while increased dividends are helping push these stocks higher still.
The spot price of gold has risen 17 per cent so far this year and is closing in on US$1,800 an ounce for the first time in nine years.
The commodity, commonly treated as a reliable store of value by investors, has benefited from nerves over the spread of COVID-19 and the outlook for global trade — and rock-bottom yields available on other haven assets.
Gold stocks have done even better, however, up 23 per cent this year as measured by the NYSE Arca Gold Miners index. Standout performers include Canada’s Kinross Gold and Barrick Gold, and U.S.-based Newmont Corporation, all up at least 40 per cent so far in 2020.
The primary market is also vibrant. Recent share sales by South Africa’s Harmony Gold and Polymetal, a London-listed miner with assets in Russia and Kazakhstan, were completed in double-quick time, with the books covered in 20 minutes, according to bankers working on the deals.
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