- Gold mining stocks were some of Friday’s biggest gainers.
- Dismal economic data drove share prices higher along with spot gold.
- Finance stocks continued to plummet during gold’s rally.
Friday trading revealed an ominous macro hedge in global equity markets. Gold mining stocks were among the top gainers for the day. Meanwhile, the most considerable losses accrued to finance companies, and major U.S. banks continued to roll downhill.
Saracen Mineral Holdings Limited (ASX:SAR), an Australian gold mining and exploration company, surged 14% Friday.
Vancouver-based SSR Mining Inc. (NASDAQ:SSRM) jumped 13.7% for the day. The Canadian gold mining company has operations in Nevada, Saskatchewan, and Argentina.
Alacer Gold Corp.(OTC:ALIAF) rallied 13.2% in Friday trading. The Canadian company with mining operations in Turkey is planning a merger with SSR Mining in a $1.7 billion buyout. The newly-formed company will be headquartered in Denver, Colorado.
Pan American Silver Corp. (NASDAQ:PAAS) saw its share price rise by 11.5% for the day. The Canadian company mines mostly silver, but also some gold, in Mexico, Peru, Bolivia, and Argentina.
Shares of all three gold mining companies were among the top eight gainers in Friday trading, according to Yahoo Finance.
A Run to Safety in Gold Mining Stocks
Finance companies were among the biggest losers during the rally in gold mining stocks. Scottsdale, Arizona-based Consumer Automotive Finance (OTC:CAFI) shares cratered 40%. It was the day’s biggest loser, but German, Mexican, and Indonesian finance companies were also among the top eight worst-performing stocks.
Shares of major U.S. banks also continued their May slide. JPMorgan (NYSE:JPM) stock slumped 1.9% for the day. Morgan Stanley (NYSE:MS) fell 1.4%. Goldman Sachs (NYSE:GS) shares saw 1.6% losses.
While big U.S. finance companies didn’t sustain the devastating losses of foreign banks, they’re not looking so promising to investors. Berkshire Hathaway (NYSE:BRK.A)…