As Gold Climbs, So Do the Deals

Gold prices are edging up toward a high, triggering multibillion-dollar deals by miners doubling down on the staying power of bullion's nearly decadelong rally.

The run-up is being driven by investors who bought more than half of all gold sold in the second quarter—only the second time that has happened since 1979, according to analysts. Normally the majority of gold is bought for jewelry and other uses.

Large gold miners seeking to feed that demand are gobbling up rivals. On Friday, Goldcorp Inc. said it would buy Andean Resources Ltd for $3.4 billion, a month after Kinross Gold Corp. agreed to pay $7.1 billion for Red Back Mining Inc.

Read Full Article from Wall Street Journal

- Posted: 2010-09-03 22:27:54

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