Base metals and precious metals gained on July 27
On July 27, stocks related to base metals and precious metals inched higher and posted gains. At 3:30 PM EST, the PowerShares DB Base Metals (DBB) fell ~1.3%, while the SPDR S&P Metals & Mining ETF (XME) gained ~1.9%. The SPDR Gold Shares (GLD) gained ~1.3%.
Barrick Gold might sell its stake in Acacia Mining
Barrick Gold (ABX), the largest gold miner, might sell its stake in Acacia Mining. Acacia operates in Tanzania and owns three major gold mines—North Mara, Buzwagi, and Bulyanhulu. Acacia Mining’s market capitalization is ~$2.9 billion—Barrick Gold owns $1.9 billion or 64%.
According to various sources, the talks are in the early stage. Barrick Gold consulted with major miners like AngloGold Ashanti (AU), Gold Fields (GFI), and Australian miners regarding the sale. Since the beginning of 2016, Barrick Gold gained ~180%. At 12:05 PM EST, it was trading at $20.76—a gain of ~1.5%.
Top five performers in the gold industry
Bottom five performers in gold industry
Below are the bottom five companies in the gold industry on July 27
- Kinross Gold (KGC) rose by ~3.5%
- Comstock Mining(LODE) rose by ~3%
- Entree Gold (EGI) fell by ~3.3%
- Solitario Exploration & Royalty (XPL) fell by ~1.3%
- Golden Star Resources (GSS) fell by ~1.6%
In the next part, we’ll discuss how crude oil performed on July 27.