LONDON -- The price of gold made modest gains last week, and gold for immediate delivery ended the week up 2.9%, at $1,386 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 (GLD 0.60%), ended the week 2% higher at $133.76, while London-listed Gold Bullion Securities (LSE: GBS) rose 3% to end the week at $133.79. So far this year, shareholders of Gold Bullion Securities have seen the value of their holdings fall by 12.1%, while the value of SPDR Gold Trust shares has fallen by 18%.
Gold's big movers
Several miners made gains last week, despite the falling price of gold. Here are three of the biggest risers:
Kirkland Lake Gold (LSE: KGI) soared 29% to 284 pence last week after the firm said that its 2012 exploration activities had enabled it to replace the proven and probable reserves that had already been mined at its South Mine Complex (SMC) and Main Break mines and expand its total resource base. The firm's proven reserves at SMC rose from 119,000 to 139,000 ounces, and its indicated resources at SMC rose from 777,000 to 962,000 ounces. As a result of this success, Kirkland said that the firm's 2013 exploration plans would be scaled back, so that mined ounces are replaced, but the group's total reserves and resources are not expanded further.
Randgold Resources (LSE: RRS) gained 6.2% to 4,988 pence last week as the firm demonstrated the way in which gold mining shares can outpace any rise in the price of gold. Randgold also announced a new $200 million unsecured funding facility last week, which it says will be used for general corporate purposes. Randgold says that all of its gold reserves are commercially viable as long as the price of gold remains above $1,000.
Condor Gold (CNR 3.28%) climbed 4.8% to 95 pence last week after the firm announced that it had begun a helicopter geophysics survey on its main asset, the La India Project in Nicaragua. The results of the survey will be used to help identify areas that are suitable for further exploration. The La India Project has a total indicated and inferred mineral resource of 16.2 million tonnes at 4.6g/t of gold, which equates to 2,375,000 ounces of gold.
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