CHART: Metals, mining stocks outperforming all others
After three years of steep declines, investors in the mining and metals finally caught a break in 2016.
In his weekly report Frank Holmes of US Global Investors includes a chart that shows just how well investors in the sector are faring by highlighting the 10 best performing industries for the year:
"Interestingly enough, metals and mining companies, particularly those involved in the gold space, lead all others. Spot gold is up 20 percent so far, but amazingly gold miners have doubled investors’ money. Metals and mining companies have rallied more than 53 percent".
At the end of today this chart may look even more impressive. On Monday metals and mining stocks were bucking an otherwise down day on US stock markets with industry bellwethers adding to impressive gains so far this year.
Anglo Australian giants BHP Billiton and Rio Tinto were trading in positive territory in afternoon trade in New York while top copper producer Freeport McMoRan also advanced. Number one gold miner Barrick Gold jumped nearly 3% even as investors were taking profits in some of the other well-known counters in the gold sector.