GOLD STOCKS NEWS – Gold stocks rallied Friday as the Market Vectors Gold Miners ETF (GDX) advanced $0.72, or 1.1%, to $63.52 per share. Gold stocks and the GDX were lifted by a rebound in the gold price, which climbed back above $1,800 per ounce this morning. In Canada, gold stocks jumped alongside the GDX, with the S&P/TSX Global Gold Index moving higher by 1.1% to 427.68.
Gold stocks received a strong endorsement from HSBC on Friday, as the firm raised its 2012 gold price target to $2,025 from $1,625 per ounce. In the firm’s report, HSBC analyst James Steel wrote that “Gold is benefiting from growing investor anxiety about ineffective government policies, unsustainable government debt levels, and the potential for a further global slowdown.”