LONDON -- The price of gold surged above $1,400 per ounce last week before falling back on Friday. Gold for immediate delivery ended the week 0.3% higher at $1,390 per ounce.
Of course, the only practical way for most private investors to invest in gold is through exchange-traded funds. The largest gold ETF, the $51 billion SPDR Gold Trust (NYSEMKT:GLD), ended the week 0.3% lower at $133.92, while London-listed Gold Bullion Securities (LSE:GBS) rose 0.2% to end the week at $134.36. So far this year, shareholders of Gold Bullion Securities have seen the value of their holdings fall by 12%, while the value of SPDR Gold Trust shares has fallen by 18%.
Gold's big movers
Several miners made gains last week, outperforming the price of gold. Here are three of the biggest risers.
Petropavlovsk (LSE:POG) climbed 8.8% to 138 pence last week, outperforming the rising price of gold and holding onto its gains after gold slipped on Friday. On Tuesday last week, Petropavlovsk reported that its third-largest shareholder, Norges Bank, had slightly increased the size of its holding to more than 7%. Brokers Westhouse Securities also reaffirmed its buy rating on Petropavlovsk, making it one of eight brokers to have buy recommendations on the Russia-based gold-miner, whose share price has fallen by 63% so far this year.
Polymetal International (LSE:POLY) gained 3.5% to 690 pence last week -- and it's up another 2.2% to 706 pence as of 9:15 a.m. EDT today. The Russia-based gold and silver producer confirmed that it increased its portfolio of platinum-mining assets through the acquisition of the remaining 75% of CJSC Nevyansk Group that it did not already own. Nevyansk Group owns the Svetlobor project, which is made up of a group of platinum mining and exploration licenses in north-west Russia.
Condor Gold (LSE:CNR) soared 27% to 115 pence last week, holding onto its gains despite the decline in gold prices on Friday -- though it has given back 6.2% so far today. Investors may also have been reassured by Condor's latest test results, which showed 93% to 96% gold recovery for initial tests on 500kg of sample ore from the La India gold project in Nicaragua. La India has a mineral resource of 2.4 million ounces at 4.6 grams per tonne of ore and is Condor's main asset. Condor said the test results were a significant step toward the completion of the Bankable Feasibility Study for the La India project.
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