Overnight, the Austrailian Central Bank raised interest rates in a surprise move signaling the global economy is recovering. On the news, the US dollar dipped sharply overnight and gold bugs rejoiced, sending the yellow metal to a new all-time high of $1043 per ounce in morning trading.
On the equity side of things, gold mining stocks are rallying hard, with Yamana Gold (NYSE:AUY) gaining more than nine percent, Jaguar Mining (NYSE:JAG) showing gains in excess of ten percent and Barrick Gold (NYSE:ABX) gaining five and a half percent.
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