Shares of Canadian gold miners have been receiving a current tear, as investors pile into gold looking for safety.
On Thursday, the stocks of Barrick Gold Corp., Goldcorp Inc. and Agnico Eagle Mines Ltd., the country’s largest gold miners by market capitalization, soared 6.3, 4.4 and 3.4 per cent, respectively. The S&P/TSX Composite Index was flat. Shareholders have catapulted the miners’ stock prices sharply higher since the beginning from the year, with Barrick adding 69 percent, Goldcorp 33 per cent and Agnico 32 percent.
The cost of gold has risen 14.8 percent in 2016, as concerns over sluggish growth and sputtering equity markets have enhanced demand. Six of the Ten best performing companies trading around the country’s senior stock exchange are in the gold business. Barrick places within the third sport with no. 4 is Kinross Gold Corp.