Tags: Gold | miner | shares | outperform

Gold-Miner Shares Outperform Rest of Stock Market

By    |   Wednesday, 09 Nov 2011 07:54 AM

In another bullish signal for gold, miners of the precious metal have seen their shares outperform the broader stock market in recent days.

In the week ended Monday, gold shares as measured by the Amex Gold Bugs Index jumped 8 percent, compared to only a 1 percent increase for the Standard & Poor’s 500 Index.

“The gains in the mining sector are outpacing the gains in the broader equity markets, while on downside trips they are holding better,” commodities trader Dan Norcini writes on his Trader Dan’s Market Views blog, MarketWatch reports.
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“Many investors have come to view the sector as generally undervalued, based on the good numbers being reported by several miners, and the fact some were raising dividends.”

gold200APuseme.jpg
(Associated Press photo)
Chart patterns point to further gains ahead, Norcini says.

Gold itself has surged to six-week highs of almost $1,800 amid concern about Europe’s cascading debt crisis, which now threatens to take Italy down along with Greece.

“The turmoil in Europe has brought the fear trade back to gold,” Lance Roberts, CEO of Streettalk Advisors, tells Bloomberg. “Also, a renewed wave of policy easing by central banks is helping gold.”

The European Central Bank surprised some analysts by cutting interest rates last week, and Federal Reserve Chairman Ben Bernanke has indicated the U.S. central bank will ease further if the economy weakens further.





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In another bullish signal for gold, miners of the precious metal have seen their shares outperform the broader stock market in recent days. In the week ended Monday, gold shares as measured by the Amex Gold Bugs Index jumped 8 percent, compared to only a 1 percent increase...
Gold,miner,shares,outperform
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2011-54-09
Wednesday, 09 Nov 2011 07:54 AM
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