Gold shares rallied on the back of another record-setting day for gold bullion, as the AMEX Gold Bugs Index (HUI) climbed as much as 3.6% to 588.41 in late Friday morning trading.
In doing so, the HUI – comprised of the world’s largest gold and silver companies – reached its highest level since May 2nd of this year, 15 weeks ago.
The HUI is now 3.4% below its 609.22 all-time high, set on April 8, 2011, when gold reached a then-record of $1,476.80 per ounce.
Although gold equities have rebounded in recent days, the sector has continued to lag the yellow metal this year. On a year-to-date basis, the HUI is now higher by 2.6%, while gold has surged 30.5%.
Earlier this morning, COMEX gold futures reached a new all-time record high of $1,881.40 per ounce, and remained higher by $31.00, or 1.7%, at $1,853.00 as of 11:27am ET.
Among gold producers, the largest gainers in the HUI on Friday included Agnico-Eagle Mines (AEM), Compania Mina Buenaventura (BVN), and Randgold Resources (GOLD) – which rallied 4.3%, 5.7%, and 4.9%, respectively.