Booming Profits at Gold Producers
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Barrick Gold and Newmont Mining said profit surged in the fourth quarter as the price of bullion jumped.
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A massive gold producer makes money off of oil, copper, and a global distrust of the dollar.
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Newmont Mining Corp. on Wednesday said its third-quarter profit rose on increased gold prices. Quarterly profit rose to $128.7 million, or 29 cents per share, up from $114.
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BHP Billiton, the world&#39;s biggest mining company, has doubled its profits in the second half of the year on the back of booming global commodity prices.
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Gold surged to a historic high above $910 an ounce, as investors rushed to buy the metal on further weakness in the dollar and expectations of a sharp cut in U.S. interest rates.
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The company said earnings jumped because of shipments recovered after a labor dispute and a rise in demand for specialty metals used in power plants.
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Newmont Mining Corp. , the world's second-largest gold producer, said on Thursday that fourth-quarter profit more than tripled on sharply higher gold prices.
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Gold hit another record high above $898 an ounce on Monday on speculative buying as uncertainties in financial markets and expectations of aggressive U.S. rate cuts raised the metal's safe-haven appeal.
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Gold surged to a historic high above $910 an ounce, as investors rushed in to buy the metal on further weakness in the dollar and expectations of a sharp cut in U.S. interest rates, analysts said.
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Canadian gold producers Goldcorp and Wheaton River Minerals are set to create a company with more than 1.1 million ounces of gold production a year.
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Global mineral conglomerate rides the tide of higher worldwide commodity demand.
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Oil prices at record highs sent  quarterly profits up at ConocoPhillips COP.N and two other  top U.S. producers on Wednesday.
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Gold futures hit a 16-year high yesterday, continuing a bull run that has gold companies &quot;living the dream,&quot; according to one industry analyst.
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SYDNEY, Australia (CNN) -- The world&#39;s largest diversified miner, BHP Billiton, has lifted net profit more than 80 percent to a record $3.51 billion on increased output for eight major products.
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Slow and steady outperformance leads to tremendous long term returns.
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Newmont Mining Corp. , the world's second-largest gold producer, said on Thursday that fourth-quarter profit more than tripled on much higher gold prices.
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Gold and platinum both hit fresh record highs, lifted by expectations of a cut in US interest rates.