Gold Stocks Break 2011 Record High as Investors Seek Safe Havens

Trade anxiety, geopolitics and threats to the US central bank’s independence have driven investors to the safety of gold, sparking a massive rally in miners of the precious metal.

The NYSE Arca Gold Miners Index closed at an all-time high of $1,856.98 on Friday. It’s the first new peak since 2011 when investors were snatching up safe-haven assets amid Europe’s debt crisis and the first US credit rating downgrade. This time, a new sense of uncertainty has sent some of the largest stocks in the benchmark soaring, with Newmont Corp., Agnico Eagle Mines Ltd., Wheaton Precious Metals Corp. and Barrick Mining Corp. all gaining more than 80% this year.