Gold and silver mining company stocks rose Wednesday, defying a global downdraft in equities and underscoring the traditional role precious metals have as a safe haven for investors.
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Toronto's main stock index looked set to open lower on Wednesday, hurt by weaker commodity prices as doubts about Italy's ability to tackle its debt problems persisted even after Prime Minister Silvio Berlusconi pledged to resign.
Silver Wheaton Corp.'s third-quarter profit doubled as the selling prices of gold and silver soared and sales volume jumped.
Gold prices slipped Wednesday as skyrocketing Italian government bond yields signaled the beginning of a possibly terminal phase in that nation's economy.
State governments would be able to collect online sales taxes under a bill due to be introduced in the Senate on Wednesday, said sources familiar with the bill.
Gold rose above $1,800 an ounce on Tuesday for the first time in over a month, fueled by worries that a teetering government in euro zone's third largest economy Italy would deepen the region's debt crisis.
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Hecla Mining Co.'s third-quarter profit soared as higher prices and a big gain on derivatives trading offset lower silver production, but the silver producer missed analyst estimates by a penny.
Gold prices Tuesday bumped around the previous day's closing price on profit-taking but safe-haven buying and favorable currency moves appeared set to lift the metal above $1,800 per ounce.
Gold prices jumped two percent to hit their highest point in six weeks and regain, at least for now, its traditional role as a safe-haven investment.
Gold and silver mining company stocks got a boost Monday from the rising price of their metals and a global resurgence of safe-haven investing.
Coeur d'Alene Mines Ltd. swung to a profit in the third quarter as silver prices doubled and gold production increased, said the company, the largest U.S.-based silver producer.
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Yukon-Nevada Gold Corp. reduced its third-quarter loss on higher gold prices and increased gold production as well as a gain on warrants.
Gold prices climbed from eastern Asia to Western Europe Monday as worries about Europe's sovereign debt crisis spreading to Italy offset news that Greece's prime minster will resign.
Gold prices gained nearly 1 percent on Monday after Greece's politicians sealed a deal to form a coalition government, while continued uncertainty about resolving the zone's debt crisis supported safe-haven demand in bullion.
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Police identified the woman found dead Friday morning in a burning car as Elizabeth Lightfoot. The Dallas County Medical Examiner has not yet determined a cause of death because the 22-year-old's body was too badly burned. Lightfoot's body was found around 2:30 a.m. in north Dallas.
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Gold fell on Friday in one of the quietest trading day, as the metal tracked riskier assets on fresh worries about the euro zone bailout fund and a mildly encouraging U.S. nonfarm payrolls report.
Primero Mining (P.TO: Quote) posted a third-quarter profit, helped by strong gold prices, sending its shares up as much as 7 percent.