ABX

Gold again pushed higher today, topping at around $1,010/ounce, up $14.60/ounce or 1.5%. This is also giving a boost to Gold Miners (NYSE: GDX) up 2.2% and Barrick Gold (NYSE: ABX) up 1% for the day. Barrick recently removed its Gold hedges on speculation that the metal will move significantly...

Barrick Gold (NYSE: ABX) announced yesterday it will be removing all of its gold hedges and initiating a $3B equity offering. This decision to pay off its hedges (which will cost the company the $3B raised from the equity offering) is a large bet on gold's continued rise. "The gold hedge book has...