Gold Down, Gold Miners Up
Spot gold is trading lower this afternoon as the CME raised margin requirements last night. The SPDR Gold Shares(NYSE:GLD) are trading lower by $4.09 to $170.49 a share. While the precious metal is trading lower on the session it is the gold mining stocks that are participating in the stock market rally.
The Market Vectors Gold Mining ETF(NYSE:GDX) is trading higher by 0.77 cents to $60.07 a share. Leading mining stocks such as Newmont Mining Corp.(NYSE:NEM), Agnico Eagle Mines LTD.(NYSE:AEM), and Yamana Gold Inc.(NYSE:AUY) are all trading higher on the day despite the decline in spot gold. This move higher in the gold mining stocks tell us that the ming stocks are trading like companies and not just following the price of gold.