Base metal miners were stronger, precious metal miners fell
On November 7, the stocks related to base metals rose and precious metal miners weakened. The PowerShares DB Base Metals (DBB) and the SPDR S&P Metals & Mining ETF (XME) rose 1.3% and 1.8%. The SPDR Gold Shares (GLD) fell ~1.8%.
Gold Fields plans to expand in Australia
Gold Fields (GFI), one of the largest gold miners, is expanding in Australia. According to recent reports, Gold Fields bought 50% stake in the Gruyere Gold Project. It’s owned by Gold Road Resources and located in Western Australia. The deal will close for $270 million. The acquisition also includes other associated deposits like Gruyere, Alaric, and Central Bore. According to Gold Fields, Gruyere contains gold reserves of 3.5 million ounces and 6.2 million ounces of total resources.
Since the beginning of 2016, Gold Fields rose ~41%. On November 7, Golf Fields fell ~1.9% to $4.09.