Newmont Mining (NEM), one of the world's biggest gold producers, has been on a tear lately. Its stock is up almost 20% in just the last week. Most are pinning the move on the company's great earnings at the end of October - third-quarter profits more than doubled as gold has risen above $1,000 an ounce... But there's also an interesting rumor behind the move.
Some on Wall Street are speculating China is looking to buy the U.S.-based company outright. It's no secret China has been on a buying spree for gold and other real assets, but this would mark its first attempt to buy a major gold company.
The rumor is unconfirmed at this point, and it's likely the U.S. government would get involved prior to a sale. But this type of news is certain to become more common as the world attempts to flee the dollar.
Some on Wall Street are speculating China is looking to buy the U.S.-based company outright. It's no secret China has been on a buying spree for gold and other real assets, but this would mark its first attempt to buy a major gold company.
The rumor is unconfirmed at this point, and it's likely the U.S. government would get involved prior to a sale. But this type of news is certain to become more common as the world attempts to flee the dollar.
No comments:
Post a Comment