Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
Fear crept out of the markets today and buyers came back. The S&P 500 was up 1.07% and the S&P TSX was up less than 1%.
Gold futures rose to $1,652.50/oz, up 3.6 percent. On Monday, gold went as low as $1,535/oz.
The overnight stock markets were also up. The Hang Seng Index was up 4.15% and the S&P ASX closed 3.64% higher.
The markets responded to preceived progress on addressing the euro zone crisis. Chancellor Angela Merkel is lobbying German lawmakers for a key vote on Thursday to support the European Financial Stability Facility. The measure, a bailout fund, is expected to pass. The Greek parliament recently passed unpopular austerity measures, including an increase in the property tax.
