On the heels of last week’s positive trading period, TSX Venture Exchange-listed companies continued to gain ground as the gold price climbed higher, owing to a weaker U.S. dollar. The S&P-TSX Venture Exchange index continued its climb from Sept. 22-28, closing at 1583.36 — a gain of 53.24 points, or 3.5%, over the previous trading period.
New York spot gold topped US$412.30 an ounce at the end of the period to close at its highest level in more than five weeks; it started the trading period at around US$408.30 per oz. Capital is moving into gold stocks again, reflecting the yellow metal’s reputation as a safe haven for investment in times of uncertainty. And there is plenty of uncertainty, with record high oil prices topping US$50 per barrel, not to mention the U.S. presidential race and geopolitical strife. The rise in gold prices is likely to continue as oil prices increase and the greenback weakens.
Bullish comments by Goldcorp Chairman Robert McEwen at the Denver Gold Forum didn’t hurt either. He reportedly predicted gold prices would reach US$850 per oz. over the next few years.
In other metals, silver rose US6 to close at US$6.61 an ounce. Silver followed gold higher to close at US$6.59, up US25, or nearly 4%.
Platinum group metals were mixed over the period: platinum lost US$28 or more than 3% to close at US$822 per oz. while its poorer cousin, palladium, gained US$12, or more than 5%, to US$221 per oz.
Nickel saw a nice gain of 6% as it rose US38 to US$6.50 on supply-side concerns. Copper closed up a few pennies at US$1.37 per lb.
Topping the volume leaders was
Another active stock,
With 1.8 million shares traded,
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