Mining Stocks Gain Globally as Hard-Asset Trade Gathers Pace

Mining stocks in Asia and Europe climbed with metals prices as investors rotated into hard assets, driven by a weakening dollar and growing unease over currencies, geopolitics and global fiscal risks.

The Stoxx 600 Basic Resources sub-index rallied as much as 1.5% on Monday to its highest intraday level since June 2008. Fresnillo Plc and KGHM Polska Miedz SA led gains after gold passed $5,000 for the first time, while silver and platinum touched records. In Asia, Korea Zinc Co. shares climbed as much as 14% in Seoul while Zhongjin Gold Corp.’s jumped 10% in Shanghai. Markets were closed for holidays Monday in Australia and India.