Europe Jitters Boost Canadian Miners (MVG, AUY, ABX, GG, AEM, SLW, KGC)
Investors flocked to safe-haven assets on Tuesday as Europe worries took the spotlight. Gold and silver were among beneficiaries for the session, and equity traders won big in select Canadian mining stocks.
As a whole, the Canadian Mining Stocks Index is up by 1% today led by MAG Silver (MVG) and Yamana Gold (AUY), which are both ahead by more than 4% in the rally.
Elsewhere in the sector, large-cap players Barrick Gold (ABX), Goldcorp (GG), and Agnico-Eagle Mines (AEM) are all ahead by 1% or more on the day, and silver streaming firm Silver Wheaton (SLW) is also a winner.
Heading into the fourth quarter, Barrick was easily the Pros’ favorite Canadian mining stock, with 109 13F-filing asset managers counting shares among their top-15 U.S.-listed equity holdings. Meanwhile, Goldcorp and Kinross Gold (KGC) were ranked second and third in Pro popularity in the space.
It will be interesting to see whether more Europe jitters will send the precious metals sector higher. Investors can track the Canadian Mining Stocks Index for performance trends and a suite of other metrics at tickerspy.com.
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