Newmont Stock Jumps 34.5% in August, and Gold's Rally Could Take It Higher
The rising price of gold wasn't the only reason for the stock's performance in August.
Overview
Shares in Newmont Corporation (NYSE: NEM) rose 34.5% in August, according to data from S&P Global Market Intelligence. The move comes amid rising gold prices and positive news on the administrative and operational fronts regarding the resolution of a dispute with Barrick Mining Corporation (NYSE: B). In addition, I would argue that the appeal of gold as a safe-haven investment increased throughout the month.
The price of gold rose throughout the month, and given the operational leverage miners have to commodity prices, it's not surprising that the market bought up the stock and took it sharply higher in August.
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Originally published at www.fool.com.
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Disclaimer: This article is for informational purposes only and does not constitute investment advice. Data may be delayed up to 15 minutes. Past performance is not indicative of future results. Consult a licensed financial advisor before making investment decisions.