Australian gold miners storm higher

The market may have started the week with a drop lower following a sell-off in the U.S. overnight, but that hasn’t stopped the gold miners from storming higher.

At the time of writing the S&P/ASX All Ords Gold (Index: ^AXGD) (ASX: XGD) has pushed 1.7% higher compared to the S&P/ASX 200’s 0.1% decline.

Here is the state of play in the gold industry at lunch:

  • The Beadell Resources Ltd (ASX: BDR) share price has jumped nearly 8% to 8.4 cents.
  • The Evolution Mining Ltd (ASX: EVN) share price is up over 3% to $3.12.
  • The Newcrest Mining Limited (ASX: NCM) share price is 2% higher to $19.94.
  • The Northern Star Resources Ltd (ASX: NST) share price has climbed almost 1% to $6.33.
  • The OceanaGold Corporation (ASX: OGC) share price is up 0.5% to $3.53.
  • The Perseus Mining Limited (ASX: PRU) share price has climbed 3.5% to 48 cents.
  • The Resolute Mining Limited (ASX: RSG) share price is 3.5% higher at $1.29.
  • The Regis Resources Limited (ASX: RRL) share price is up over 2% to $4.63.
  • The Saracen Mineral Holdings Limited (ASX: SAR) share price has climbed 1.5% to $1.80.
  • The St Barbara Ltd (ASX: SBM) share price has pushed 3% higher to $4.10.

What happened?

While Newcrest was given a boost after announcing that it has resumed processing at its key Cadia operation and Beadell Resources was given a lift after providing an update on its Tucano plant upgrade, the main catalyst for this gain has been a rise in the gold price.

At present the spot gold price is up over 1% since the start of April to US$1,334 an ounce.

It has been on the rise amid renewed concerns over President Trump’s trade tariffs and also a flight to safety after the sell-off in U.S. equities overnight.

Although I am a gold bear, I’ll happily admit that if Trump keeps behaving as he has then I wouldn’t be at all surprised to see the gold price climb higher.

Still, I would sooner by these hot stocks than the gold miners.

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