Articles About Gold

Pennycents Midweek Columns: Record High Gold Provides "Safe Haven"

Sarasota, FL (PRWEB) January 10, 2008 -- Gold jumped over $880 an ounce today, edging past the previous record high of $875, set in 1980. The high prices can be attributed to several converging factors, not the least of which is the weak dollar--which has caused more investors to look for a "safe haven" hedge for their investment dollars. Other factors contributing to today's high include high prices for oil and other commodities. And lastly, political instability all around the world, most recently in Pakistan with the death of Benazir Bhutto, always makes investors a little nervous about the stock market, causing a shift towards gold.

This is not the same gold frenzy as in 1980--not yet, anyway. Negative economic news such as impending recession, high unemployment or an even weaker dollar could well push it even higher after an initial correction. With a weak dollar, gold is cheaper to foreign investors with other currencies, thereby raising global demand for the metal. Taking a long-term look, in fact, gold moved up impressively all through 2007, gaining over 30 percent for the year.

But if not invested in gold funds or gold contracts, the over-the-counter stock market may still present some opportunities related to this phenomenon. Several OTCBB equities involve not the trade of, but the mining of, gold. And, even if a gold mining company doesn't hit the mother lode, the mere fact of rising gold prices will cause at least some short-term upswing, meaning this would be a good time to take a closer look at OTCBB gold mining stocks in the penny stock market.

Just in the past month, several gold mining stocks have made the news. Gentor Resources (OTCBB: GNTO) just last month announced a private placement of $2.5 million in stock, the proceeds of which will be used to continue its molybdenum-tungsten project in Idaho. Gentor has other projects as well, including a Delmoe Lake gold project in Montana. Additionally, Freegold Ventures Limited (OTCBB: FGOVF) reported encouraging assay results recently from 16 holes recently drilled at its Almaden gold project in Idaho. Another mining company with a minor gold interest is NWT Uranium (OTCBB: NWURF), which agreed to acquisition by Nu-Mex Uranium Corp. (OTCBB: NUMX) last month. Although most projects involve uranium mining, NWT also has a prospective silver-gold project in Mexico with ongoing exploration. MAX Resource Corp. (OTCBB: MXROF) has also acquired a 100 percent interest in the East Manhattan Wash claims in Nevada. The Manhattan mine has a good history, with more than 1,000,000 ounces of gold produced in total.

As always, gold mining stocks are among the most speculative, but given today's move in the gold market, deserve at least a second look.

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