Gold exchange traded fund (
) investors aren't the only ones on the market benefiting from
higher gold prices. It's also translated into a satisfying earnings
season for miners.
The second quarter was kind to gold miners:
According to Forbes
, Goldcorp. (NYSE:
) said that revenue climbed to $844 million in the second quarter
as cash flow rose to $382 million.
- Newmont Mining (NYSE:
) reported that sales improved 34%. [
Are Gold Miner ETFs a Better Option?
Euan Rocha for Reuters reports that
the higher gold prices seen in past weeks has helped boost
Canadian mining companies, as well. Results for Kinross Gold
) and Yamana Gold (NYSE:
) mirror rivaled those of North American gold miners that have
also recorded huge profits this quarter, driven by the large
year-over-year jump in the price of bullion.
Australia just held its largest meeting of miners, prospecters,
financiers, brokers and contractors. In a sign of the times, the
Diggers and Dealers conference attracted a record 2,300 attendees,
International Business Times reports
. Although the
was a major topic of discussion, some other points about gold were
brought up, as well:
- Globally, 75 million ounces of gold are produced yearly. This
is down from a peak reached in the 1980s.
- The amount of gold discovered is down to about 100 million
ounces, from a peak of more than 300 million ounces two decades
- In the 17 years before 2008, investment in gold exploration
ranged between $2 billion and $4 billion; junior miners raked in
56% of the money.
- Most of the gold discovered in the last 20 years has been in
countries that are considered moderate to high risk when it comes
to mining projects.
For more stories about gold miners, visit our
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Market Vectors Gold Miners ETF (NYSEArca: GDX)
Market Vectors Junior Gold Miners ETF (
iShares Goldman Sachs Natural Resources Fund (NYSEArca:
Barrick, Goldcorp, Newmont, Yamana and other gold miners are
Tisha Guerrero contributed to this category.