Miners Outperfoming Gold, Again

• By the tickerspy.com Staff
• On 9:31 am EDT, Thursday September 24, 2009

The weak dollar continues to push gold higher, and if the rally runs out of steam, another flight to safety could be around the corner.

After breaking though the psychological resistance at $1000 an ounce, some analysts now see a floor below the precious metal as the dollar shows continued weakness. Standard Bank analyst Walter de Wet told Bloomberg that gold is well supported, and "the support is even more noteworthy given crude oil's slip."

Gold is up $2 in early trading to $1015 an ounce. Meanwhile equity plays on gold miners are advancing. As a whole, the Gold and Silver Stocks Index is outperforming the S&P 500 by 12% over the last month, although the majority of its components have fallen in the past five sessions.

Novagold (AMEX: NG - News) and Hecla Mining (NYSE: HL - News) have set the pace over the last month, trading higher by 45% in a period where only New Gold (AMEX: NGD - News), Tanzanian Royalty Exploration (AMEX: TRE - News), and Aurizon Mines (AMEX: AZK - News) are negative.

In the last week, only five miners have managed to stay positive amid consolidating equity markets. Corriente Resources (AMEX: ETQ - News), which also has significant copper exposure, is ahead by 7% for the period. Mag Silver (AMEX: MVG - News) and Pan American Silver (NASDAQ: PAAS - News) are also among top performers in the last five sessions, although the latter remains negative by -1%.

Yamana Gold (NYSE: AUY - News), Harmony Gold Mining (NYSE: HMY - News), AngloGold Ashanti (NYSE: AU - News), and Goldcorp (NYSE: GG - News) are among the miners trading higher today.

As of this writing the Gold and Silver Stocks Index is top-15 performing tickerspy Indexes over the last month, up by 15%.

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