"mining companies rose on monday"

Looks like value investors are finally now buying up oversold gold stocks... woot woot!

Quoted from the RMS forum:

From AP
http://au.finance.yahoo.com/news/Sector-Snap-Gold-shares-rise-apf-1218543823.html?x=0&.v=1


On Tuesday 9 August 2011, 1:15 EST
NEW YORK (AP) -- Shares of gold production and mining companies rose on Monday as investors scrambled to get exposure to the precious metal while selling off other stocks on the first trading day after Standard & Poor's cut its rating of U.S. debt for the first time.

The price of gold surpassed a record $1,700 as investors spooked by the debt downgrade and Europe's financial crisis sought a safe haven. Investing in the companies that produce gold is another, more indirect way to get in on this market.

Baird analyst Bruce Bittles said it is not surprising that gold has been "the large winner the past few years," amid falling interest rates.

"Gold is behaving recently more like a currency than a metal," he wrote in a note to investors. "Although gold has increased in value, the gains have been modest with the primary trend rising in an orderly fashion. Gold's natural enemy is rising interest rates."

He noted that the yield on the benchmark 10-year Treasury note "plunged to 2.55 percent last week, sending a clear signal that economic growth is slowing."

Gold stocks rose even as Dow Jones industrial average fell 311.7 points, or 2.7 percent, to 11,132.87.

Shares of Newmont Mining Corp. rose $1.51, or 2.8 percent, to $55.92 in morning trading. The stock has traded in the 52-week range of $50.05 and $65.50.

Shares of Toronto-based Barrick Gold Corp. climbed 78 cents, or 1.7 percent, to $46.64.

Shares of South Africa-based Goldcorp Inc. climbed $1.03, or 2.2 percent, to $47.37. The stock has traded between $39.04 and $56.20 in the past 52 weeks. AngloGold Ashanti Ltd.'s shares rose 90 cents, or 2.2 percent, to $42.71.

Royal Gold Inc. saw its shares climb $1.17, or 1.8 percent, to $67.71. Shares of Vista Gold Corp. jumped 19 cents, or 6.8 percent, to $2.99.

There were some exceptions to Monday's gold rush. Shares of Kinross Gold Corp. slipped 11 cents to $15.55 and shares of Littleton, Colo.-based Golden Star Resources Ltd. fell 7 cents, or 3.1 percent, to $2.22.