On November 15, the stocks related to base metals weakened, while precious metal miners gained. The base metal ETFs such as the PowerShares DB Base Metals (DBB) fell 0.07%, while the SPDR S&P Metals & Mining ETF (XME) rose 1.0%. The SPDR Gold Shares (GLD) rose 0.84%.
Kirkland Lake bids confirmed by Gold Fields
At the beginning of the week, Gold Fields (GFI)—one of the largest gold miners in the world—confirmed its bids to take over Kirkland Lake. On November 13, South African gold mining giant Gold Fields confirmed that it made three proposals along with Silver Standard Resources to take over the Canadian miner Kirkland Lake. However, the proposals were rejected by Kirkland Lake. The recent bid by Gold Fields with Silver Standard Resources was ~$1.4 billion. The news pushed Kirkland Lake prices higher on November 15. Since the beginning of 2016, Gold Fields rose more than ~27%. At 11:30 AM EST on November 15, Gold Fields was trading at $3.53—a gain of ~0.43%.