Franco-Nevada hits 52 week highsGlobe says Goldcorp, Franco, Meridian hit 52-week highs
Goldcorp Inc G
Shares issued 82,094,264 Feb 4 close $24.82
Tue 5 Feb 2002 In the News
Also Meridian Gold Inc (MNG)
Also Franco-Nevada Mining Corp Ltd (FN)
The Globe and Mail reports in its Tuesday, Feb. 5, edition that Goldcorp,
Franco-Nevada Mining and Meridian Gold hit 52-week highs Monday on the
Toronto Stock Exchange. The Globe's Caroline Alphonso writes that Goldcorp
closed at $24.82 (Canadian), up $1.58 (Canadian), while Franco-Nevada rose
$1.39 (Canadian) to $30.41 (Canadian) and Meridian closed at $21.64
(Canadian), up $1.43 (Canadian). Bullion prices and gold stocks have been
driven higher by low interest rates, which have made hedging by producers
less profitable. Gold prices have staged a recovery after touching a
20-year low of $253.30 (U.S.) an ounce in August, 1999, closing Monday at
$289.30 (U.S.), up $3.30 (U.S.). Research Capital analyst Barry Allan says
the upward movement in the stocks happened faster than he anticipated, but
he maintains that this is the year of mining stocks and base metals. There
are risks, however, to owning gold stocks. A financial crisis could cause
central banks to dump gold and the United States dollar could soar. Mr.
Allan says, however, this is not likely to happen in the near term. Fears
that central banks would continue to dump gold on the market have proved
unfounded, he says.