GOLD STOCKS NEWS – Gold stocks continued their outperformance of the gold price on Wednesday, as the Market Vectors Gold Miners ETF (GDX) advanced $0.63, or 1.0%, to $66.26 per share in mid-day trading. Strength in gold stocks and the GDX came despite a quiet day for the price of gold, as it hugged the flatline near $1,800 per ounce ahead of this afternoon’s Federal Open Market Committee (FOMC) announcement. The S&P/TSX Global Gold Index, the leading gold stocks composite in Canada, climbed 0.9% to 448.55 alongside the GDX.
Notable gold stocks moving higher this morning included GDX components Barrick Gold (ABX), Gold Fields (GFI), and Royal Gold (RGLD) – which advanced 1.4%, 1.2%, and 1.0%, respectively.
Since reaching a 52-week low of $51.10 on June 16, the GDX has climbed 29.7%, compared to a 17.5% rise for the price of gold. Thus far in September, the GDX is now higher by 5.5%, versus a 1.5% decline for the yellow metal.
