Russia produced about 330 metric tons (tonnes) of gold in 2020, according to the World Gold Council, second only to China’s production of 368 tonnes. Australia (328 tonnes), the United States (190 tonnes) and Canada (171 tonnes) rounded out the top five. But that is not where the invasion of Ukraine will have its biggest impact.
The price of gold has increased by nearly 3% to about $1,967 an ounce, its highest level in the past 12 months. Demand for physical gold as a safe haven in uncertain times is practically a law of investing. As well as moving the commodity price higher, increased demand for gold also boosts shares of gold-mining companies in the same way and for the same reasons that oil prices increase.
The SPDR Gold Trust (NYSEAMERICAN: GLD) traded up by about 2.93% early Thursday morning to $183.51, above the high end of its 52-week range of $157.13 to $178.85. The fund holds physical gold.
Shares of Royal Gold Inc. (NASDAQ: RGLD) traded up 5.23%, at $126 in a 52-week range of $92.01 to $129.69. Royal Gold is a so-called streamer that acquires and manages streams, royalties and other interests related to gold. It is not a miner.
Franco-Nevada Corp. (NYSE: FNV) traded up 1.44% at $149.00 in a 52-week range of $105.62 to $163.79. Like Royal Gold, Franco-Nevada invests in streams, royalties, and other interests in gold and other precious metals.
Newmont Corp. (NYSE: NEM) traded up 2.40%, at $69.90 in a 52-week range of $52.60 to $75.31. As of July last year, Newmont was the top U.S. gold miner in 2020, producing more than 178 tonnes of gold.
Barrick Gold Corp. (NYSE: GOLD) traded up 4.03%, at $23.75 in a 52-week range of $17.27 to $25.37. Barrick was the second-largest U.S. gold producer in 2020, mining nearly 135 tonnes of the yellow metal.
AngloGold Ashanti Ltd. (NYSE: AU) traded up 3.90%, at $23.70 in a 52-week range of $14.57 to $26.77. South Africa-based AngloGold produced more than 86 tonnes of gold in 2020, third-most among U.S.-listed miners.
Kinross Gold Corp. (NYSE: KGC) traded up 2.91%, at $5.66 in a 52-week range of $4.90 to $8.34. The Canada-based miner produced 67 tonnes of gold in 2020.
Gold Fields Ltd. (NYSE: GFI) traded up about 4.5%, at $13.87, above its 52-week range of $7.75 to $13.48. Another miner based in South Africa, Gold Fields more than 63 tonnes of gold in 2020.
Agnico Eagle Mines Ltd. (NYSE: AEM) traded up 1.33%, at $55.51 in a 52-week range of $45.42 to $74.50. Based in Canada, Agnico Eagle produced more than 49 tonnes of gold in 2020.
Yamana Gold Inc. (NYSE: AUY) traded up 2.94%, at $5.26 in a 52-week range of $3.70 to $5.44. Canada-based Yamana produced about 25.6 tonnes of gold in 2020.
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