Investment News Gold Shares Are In Demand As Retail Traders Buy Mining Stocks 18471331
Gold shares are in demand as retail traders buy mining stocks
01 October 2010 / by Paul Dicken
Gold shares were the most popular for UK retail traders over the last week, mirroring a trend for investors seeking out the safe haven of gold.
The price of gold on commodities markets has been hitting record highs, with the stockbroker TD Waterhouse saying on 30 September that the mining company Solomon Gold had been the most popular stock for buyers and sellers.
Trading and customer services director at TD Waterhouse, Darren Hepworth, said the price of Solomon Gold shares at jumped by almost 300 per cent on the back of a promising result in a Fauro Island project.
“Last Thursday (23 September) when the AIM-listed miner announced positive assay results from its recent surface sampling, the company’s share price reached an impressive 81p intraday-high, before closing at just above 50p.”
TD Waterhouse said the resources sector had generally been of interest to retail investors, with energy and mining stocks accounting for well over half of all trading activity.
Encore Oil and Red Rock Resources shares were in demand, with oil and gas exploration company Desire Petroleum down a few places but still at seven in both the top ten buys and sells tables.
Overall trading activity increasing 8 per cent since last week, with 65 per cent more buys than sells.
Banks continue their popularity with Lloyds shares number two in both the most popular buys and sells tables.
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