Gold

Hecla Mining CEO Phil Baker Tuesday predicted the higher the gold price goes, the more small investor interest in silver will increase.

CNBC News reported that Indiaès demand for gold has not been stalled by rising metal prices.

Shares in Kinross Gold leapt 4.5% on Wednesday after the company published a positive second-quarter earnings report. Toronto-based Kinross said it had a record quarter for gold production due to additional product from its Kupol gold and silver mine in Russia, of which the company acquired 100% in April, and from West Africa operations that were acquired last September. Kinross poured 676,245 gold ounces of gold in Q2, a 26% increase over the same period last year.

IAMGOLD's net earnings attributable to equity shareholders were $478.9 million ($1.28 per share) in the quarter, including the gain of $402.6 million from the sale of the Tarkwa and Damang mines. "In January, we said our plan was to divest our minority interest in the Tarkwa and Damang mines for proceeds in excess of $600 million and by the end of June we had closed the sale for gross proceeds of $667 million. During that period, we also confirmed a near 700% increase in mineral resources at our niobium mine and increased our dividend by 150," said Steve Letwin, IAMGOLD's President and CEO.

Silver Quest Resources (TSX VENTURE:SQI) ("Silver Quest" or "the Company") is pleased to report drill results from 11 holes (BW-171 through BW-179, BW-181 and BW-182) drilled in the current 20,000 metre drill campaign to expand the resources on the Davidson Gold Project claims, a joint venture with New Gold Inc., which is the operator of the joint venture. Silver Quest has a 25% interest in the joint venture. The project is approximately 110 kilometres southwest of Vanderhoof, BC.

This year Ukraine will start its own large-scale gold mining, according to the representative of the State Service of Geology and Mineral Resources of Ukraine Eduard Stavyts'kyi. The ministry official confirmed that Ukraine's gold resources have been estimated at 2,500-3,000 tons. The State Service of Geology and Mineral Resources of Ukraine explain the decision to begin mining Ukraine's gold deposits by the radical growth of the world price of gold.

Gold hit $1,800/oz on Tuesday and closed the day at $1,743/oz due to ongoing turbulence in the financial markets According to MarketWatch, gold has gained 23% this year and has risen 5.5% alone this week. The Federal Reserve, which met Tuesday morning, issued a statement expressing surprise at the slow economic growth.

Mining companies in Peru invested $2.95 billion in the first half of 2011, up 70% compared to the same period last year, the government said.

Economic jitters continue to drive gold higher, which hit $1,782.50/oz on Tuesday. Stock markets bounced back after yesterday's gut wrenching fall. The S&P/TSX Composite index was up nearly 3% from yesterday. The S&P/ASX 200 did not perform as well and rose 1.22%, making most of the gains later in the day. The oil and gas sector, which suffered some of the worst losses on Monday, rebounded strongly. The Dow Jones U.S. Oil & Gas Index was up 3%.