Gold prices and shares of mining companies jumped on Wednesday amid heightened turmoil surrounding the U.S. and North Korea.
In Washington D.C., President Donald Trump doubled down on his rebuff of the Pyongyang regime and its nuclear program on Wednesday, which helped send many world markets down over the past two days.
Pyongyang responded to provocations from President Trump and said it would consider using missiles against U.S. military bases in Guam. Wasting no time, President Trump took to Twitter (NYSE:TWTR) on Wednesday morning to boast about the renewed strength of America’s nuclear arsenal.
The escalating sentiments out of North Korea and Washington after the weekend UN Security Council sanctions helped send the price of the fail-safe currency up on Wednesday.
Gold prices closed up around 1.48% at $1,281.30 per ounce on Wednesday. The commodity touched over $1,284.40 an ounce on Wednesday, which marked the highest intraday price in almost two months.
Some of the top performing gold and gold mining stocks also rose on the back of the heightened U.S. and North Korean tensions.
Barrick Gold Corporation (NYSE:ABX) stock popped 1.42%, while Newmont Mining Corporation (NYSE:NEM) gained 1.01%. Canadian gold mining company McEwen Mining Inc. (TO:MUX) and DRDGOLD Limited (NYSE:DRD) both jumped over 2%.
Shares of three of the top gold ETFs were also up on Wednesday. SPDR Gold Shares (V:GLD) , the iShares Gold Trust ETF (AX:IAU) , and the VanEck Vectors Gold Miners ETF (V:GDX) all rose over 1%.
Despite today’s jump, gold still sits well below its 52-week high of over $1,350 per ounce, which it reached last summer.
More Stock News: Tech Opportunity Worth $386 Billion in 2017
From driverless cars to artificial intelligence, we've seen an unsurpassed growth of high-tech products in recent months. Yesterday's science-fiction is becoming today's reality. Despite all the innovation, there is a single component no tech company can survive without. Demand for this critical device will reach $387 billion this year alone, and it's likely to grow even faster in the future.
Zacks has released a brand-new Special Report to help you take advantage of this exciting investment opportunity. Most importantly, it reveals 4 stocks with massive profit potential. See these stocks now>>
Twitter, Inc. (TWTR): Free Stock Analysis Report
GOLD (LONDON P (GLD (NYSE:GLD
ISHARS-GOLD TR (IAU): ETF Research Reports
VANECK-GOLD MNR (GDX (NYSE:GDX
Newmont Mining Corporation (NEM): Free Stock Analysis Report
Barrick Gold Corporation (ABX): Free Stock Analysis Report
McEwen Mining Inc. (MUX): Free Stock Analysis Report
Original post
Zacks Investment Research