Why Shares of Equinox Gold, Gold Fields, and Harmony Gold Are Soaring This Week

Mar. 17, 2023, 06:24 PM
It's been a rocky few days following the collapse of Silicon Valley Bank. While markets seem to have recovered from the initial fallout, investors have been looking to fortify their portfolios, seeking to reduce their risk exposure. This fear has manifested as a gold rush, in which investors hurry into one of their favorite safe-harbor investments: gold.In light of the high correlation between the movements in the market price of gold and those of gold mining stocks, it's unsurprising that leading gold mining stocks are looking more lustrous this week. As of the end of today's trading session, shares of gold miners Equinox Gold (NYSEMKT: EQX), Gold Fields (NYSE: GFI), and Harmony Gold Mining (NYSE: HMY) have climbed 25.5%, 22.1%, and 19.6%, respectively, since the end of last Friday's trading session, according to data from S&P Global Market Intelligence.Throughout last week, the price of gold moved nominally higher, ending the week at about $1,861 per ounce. On Monday, however, the yellow metal glittered more brightly in investors' eyes, and the market price rose about 2.7%. Though the uncertainty regarding uninsured depositors at Silicon Valley Bank had been resolved, the fear of contagion continued. Thus, when investors started to question the fate of Credit Suisse Group in the middle of the week, the price of gold rose again, rising as high as $1,933.40 per ounce on Wednesday.Continue reading
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