3 Gold Shares Rising Strongly
LONDON -- The price of gold surged above $1,400 per ounce last week before falling back on Friday. Gold for immediate delivery ended the week 0.3% higher at $1,390 per ounce.
Of course, the only practical way for most private investors to invest in gold is through exchange-traded funds. The largest gold ETF, the $51 billion SPDR Gold Trust , ended the week 0.3% lower at $133.92, while London-listed Gold Bullion Securities rose 0.2% to end the week at $134.36. So far this year, shareholders of Gold Bullion Securities have seen the value of their holdings fall by 12%, while the value of SPDR Gold Trust shares has fallen by 18%.
Gold's big movers
Several miners made gains last week, outperforming the price of gold. Here are three of the biggest risers.
Petropavlovsk climbed 8.8% to 138 pence last week, outperforming the rising price of gold and holding onto its gains after gold slipped on Friday. On Tuesday last week, Petropavlovsk reported that its third-largest shareholder, Norges Bank, had slightly increased the size of its holding to more than 7%. Brokers Westhouse Securities also reaffirmed its buy rating on Petropavlovsk, making it one of eight brokers to have buy recommendations on the Russia-based gold-miner, whose share price has fallen by 63% so far this year.
Polymetal International gained 3.5% to 690 pence last week -- and it's up another 2.2% to 706 pence as of 9:15 a.m. EDT today. The Russia-based gold and silver producer confirmed that it increased its portfolio of platinum-mining assets through the acquisition of the remaining 75% of CJSC Nevyansk Group that it did not already own. Nevyansk Group owns the Svetlobor project, which is made up of a group of platinum mining and exploration licenses in north-west Russia.
Condor Gold soared 27% to 115 pence last week, holding onto its gains despite the decline in gold prices on Friday -- though it has given back 6.2% so far today. Investors may also have been reassured by Condor's latest test results, which showed 93% to 96% gold recovery for initial tests on 500kg of sample ore from the La India gold project in Nicaragua. La India has a mineral resource of 2.4 million ounces at 4.6 grams per tonne of ore and is Condor's main asset. Condor said the test results were a significant step toward the completion of the Bankable Feasibility Study for the La India project.
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The article 3 Gold Shares Rising Strongly originally appeared on Fool.com.Roland Head has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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