This article was originally published on ETFTrends.com.
Precious metals miners ETFs surged Wednesday as gold strengthening on a weaker U.S. dollar and after Australian miners struck the "mother lode" of gold.
The SPDR Gold Shares (GLD) rose 0.9% as Comex gold futures were 0.9% higher to $1,213 per ounce.
A mine in Western Australia struck gold, uncovering around $11.5 million worth, NPR reports.
"Everything was covered in dust, and as I watered the dirt down there was just gold everywhere, as far as you could see," Miner Henry Dole, who works for Beta Hunt mine, told Australia's ABC News. "There was chunks of gold in the face, on the ground, truly unique I reckon. ... I nearly fell over looking at it ... we were picking it up for hours."
The initial discovery includes a 209-pound pound specimen stone, which is projected to contain 153 pounds of gold, while a second 139-pound specimen stone is expected to hold 101 pounds of gold. The Canadian mine owner RNC Minerals said a single cut in the mine includes about 9,250 ounces of high grade gold.
The find of the century in the Australian Gold Fields
"Recovering 9,250 ounces of high grade coarse gold from a single cut on the 15 level at our Beta Hunt mine, including specimens which could rank among the largest ever discovered, underlines the importance of this discovery,” RNC Minerals CEO Mark Selby told Sky News.
"This is a spectacular discovery — possibly the find of the century in the Australian Gold Fields," Ross Large, professor of geology at University of Tasmania, told the Financial Times. "This is the sort of find that you would associate with the 1860s Gold Rush and will probably cause a boom in exploration."
Meanwhile, a weak U.S. dollar helped support gold prices Wednesday. The U.S. Dollar Index, which tracks the greenback's move against a basket of foreign currencies, weakened 0.3% to 94.8.
Gold prices strengthened late morning on speculation that the U.S. is reaching out to China for a new round of trade talks, which pressured the dollar, the Wall Street Journal reports.
For more information on the precious metals market, visit our precious metals category.
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