Mining World

Stocks of gold-mining companies have enjoyed solid gains as the metal breaches key resistance levels, but appreciation from here may be minimal.

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As a global equities subsector, listed mining stocks have risen by higher percentage points from lows - generally seen in the closing months of 2008 - than practically all other subsectors. Where the world’s top 100 miners, by market value, have to date put on a bounce of an average 147% from lows, the very broad MSCI world equities US$ dollar index has moved more modestly by 55% higher from its recent multi-year lows, seen during March this year.

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While BMO Capital Markets’ Don Coxe believes most U.S. equity groups are due for a correction that could be quit prolonged, "we remain bullish on Emerging Markets as an asset class, and on commodities and commodity stocks."

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Footsie finished with gains for the eighth day in a row to sit just shy of 4,500 points after flitting between the red and the blue for much of the day.

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Listed gold, platinum, and also primary silver miners, developers and explorers have been heavily sold off across the global resources sector over the past month. The selling, some of the heaviest seen in these subsectors since January, but not as decisive as seen in October 2008, has at the same time seen significant global portfolio investment flows into specialist base metals, and also coal, miners.

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U.S. stocks fell, extending losses from the market’s worst week since November, as investors speculated earnings from commodity producers and banks will trail analysts’ estimates.

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U.S. stocks climbed to a two-month high, following the market’s worst annual drop since the Great Depression, as General Motors Corp. got its first cash infusion from the government and rising oil prices lifted energy shares.

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U.S. and Japanese stock prices gained in thin post-Christmas on Friday, as higher oil prices lifted energy stocks and auto shares rose as investors picked through the carnage amid the final days of a year many would like to forget.

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 Asian stocks advanced to a six-week high, led by financial companies, on speculation lower interest rates and declining oil prices will reduce costs for companies and help revive economic growth.
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Listed gold stocks reaffirmed their status as the leading equities recovery sector in global stock markets after the Federal Reserve, the US central bank, announced an interest rates cut on Tuesday, establishing a target range for the federal funds rate of 0% to 0.25%, the lowest ever known.

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