Rising gold price not lifting all boats
Gold added 1% on Friday jumping to a two week high of $1,357.90. Gold hit a near two-year high earlier in July and year to date the metal has gained 28% or just shy of $300 an ounce. Silver's winning streak has been even more impressive with the metal adding 8% in July and 46% year to date as it consolidates above the $20 an ounce level.
All gold and silver mining stocks have made the most of the better price environment this year, but the flurry of second quarter results out this week and last have produced big winners, and some losers.
Two major gold stocks shot up by more than 40% in July, but there's been notable losers with Goldcorp dropping to fourth most valuable gold miner
Shares in South Africa-based Sibanye Gold and Gold Fields rocketed higher in July thanks to stellar numbers, a brighter outlook and some help from currency moves, but Canada's Goldcorp, the world's number four gold mining company in terms of output, and Eldorado Gold disappointed with declines in production and some operational difficulties during the quarter.
Among the top tier Newmont Mining was the best performer with a 18.6% jump for the month while Barrick Gold managed to add to its already giant gains for 2016 despite an underwhelming second quarter report and continued asset divestments.
In terms of market capitalization (and perhaps soon in terms of ounces produced per year) $23.4 billion Newmont narrowed the gap with Barrick during the month and now trails the Toronto company by around $1 billion from $4 billion at the start of the month.
Long the world's most valuable gold mining company Vancouver's Goldcorp has been losing ground and as of Friday was worth slightly less than Newcrest Mining in New York where Australia's top producer is now worth just under $15 billion.