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Market: LME
Sector: General Mining - Gold
EPIC: GOLD
Latest Price: $0.00  (0,00%)
52-week High: $105.71
52-week Low: $39.00
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GOLD
www.gold.org

Gold is a highly sought-after precious metal which, for many centuries, has been used as money, a store of value and in jewelry. The metal occurs as nuggets or grains in rocks, underground "veins" and in alluvial deposits. Modern industrial uses include dentistry and electronics, where gold has traditionally found use because of its good resistance to oxidative corrosion.

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Gold fever pushes yellow metal to $1092/ounce, London gold plays soar

4th Nov 2009, 4:11 pm Gold fever pushes yellow metal to $1092/ounce, London gold plays soar

It was gold fever all over again today in London, as gold continued to test new territory and hit yet another all time high of $1092/ounce by the time European markets were winding down for the day. Yesterday’s news that India had shelled out $6.7 billion to buy 200 tonnes of gold from the IMF sparked off speculation that none of the proposed 400 tonnes of gold up for sales by the IMF would actually hit the market, instead being snapped up by emerging economies keen to diversify their investments out of US dollars. 


Shares in London listed gold producers were on fire today. Leading the pack was South Africa gold producer Harmony Gold (LSE: HRM), which soared 23% today.  Junior gold producer Peninsular Gold (AIM: PGL) also outperformed, climbing around 15%, as did copper and gold developer EMED Mining (AIM: EMED) which was also benefiting from several positive analyst comments in the past few days.


Dual listed Greystar Resources (AIM & TSX: GSL) climbed almost 10%, while Algeria’s only gold producer, GMA Resources (AIM: GMA) climbed 9%.  Australian gold producer Norseman Gold (AIM & ASX: NGL) also joined in the party, climbing 9% to 56.75 pence, while Avocet Mining (AIM: AVM) rose 8%.


Silver producer also benefited from higher silver prices. FTSE 100 constituent Fresnillo (LSE: FRES) and FTSE 250 constituent Hochschild Mining (LSE: HOC) climbed 8.8% and 8.9% respectively.


Several other junior gold explorers and producers benefited too, including Mwana Africa (AIM: MWA), Vatukoula Gold (AIM: VGM), Hambledon Mining (AIM: HMB), Highland Gold (AIM: HGM), Greatland Gold (AIM: GGP), Allied Gold (AIM: AGLD), Medusa Mining (AIM & ASX: MML), Kefi Minerals (AIM: KEFI), Horizonte Minerals (AIM: HZM) and Pan African Resources (AIM: PAF).

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