The Mining Stock Report

Gold stocks were up Monday as the DJIA increased 4.7%, and the TSX index increased 7.2%. The price of gold was also up, closing the day at $795 per ounce. Mining stocks were mostly up in the S&P 500.

Monday saw North American markets up substantially, as all the major indexes made significant gains. Gold stocks on the New York Stock Exchange and the Toronto Stock Exchange rose in sync with renewed optimism in the market.

Some of the major gold companies to see significant games Monday included Barrick Gold Corp. (NYSE:ABX) up 12.3% or $2.90 to close at $26.51; Agnico Eagle (NYSE:AEM) up 9.7% or $3.48 to close at $39.20; Yamana Gold (NYSE:AUY) up 11.3% or $0.53 to close at $5.22; European Goldfields (TSX:EGU) up 12% or $0.21 to close at $1.96; Freeport McMoran Copper and Gold (NYSE:FCX) up 11.5% or $3.79 to close at $36.72; Goldcorp Inc. (NYSE:GG) up 10.7% or $2.14 to close at $22.23; Kinross Gold Corp (NYSE:KGC) up 10.9% or $1.17 to close at $11.92; and Newmont Mining Corp (NYSE:NEM) up 13% or $3.56 to close at $31.02.

Gold was also up $12.10 to close out the day just below the $800 barrier at $795 an ounce. The rise in gold happened despite a firm US Dollar, unusual since gold normally has an inverse relationship with the dollar. Silver, which has been been suffering due to fears that there will be a drop-off in industrial demand, rebounded with a gain of $0.38 to close $9.73 an ounce (NY Spot).