Post by
PGMBOY on Jan 09, 2006 8:28am
Gold soared close to a 25-year high Friday
The Globe and Mail reports in its Saturday, Jan. 7, edition the price of gold soared close to a 25-year high Friday. A Bloomberg dispatch to The Globe reports that futures contracts for February delivery climbed $13.40 (U.S.) to $541.20 (U.S.) an ounce on the Comex division of the New York Mercantile Exchange. That marks the highest close since March, 1981. Carried by bullion prices, the Canadian gold sector led the Toronto Stock Exchange higher Friday. Kinross Gold stock climbed 49 Canadian cents to finish on the TSX at $11.92 (Canadian). Bema Gold stock climbed Friday to its highest level since Dec. 1, 2004, hitting $4.06 (Canadian) intraday. The stock finished ahead 23 Canadian cents at $3.96 (Canadian). More than 17 million Bema shares changed hands Friday. This made Bema the most heavily traded stock on the Toronto exchange. Unnamed analysts said Bema was playing catch-up with its peers. Analysts also suggested investors were paying more attention its high-grade gold and silver project in Russia and its Cerro Casale copper and gold deposit in Chile. Bloomberg says copper prices reached a record high of $2.11 (U.S.) a pound earlier last week.