Shares of gold miners Agnico Eagle Mines (NYSE: AEM), AngloGold Ashanti (NYSE: AU), and Sibanye-Stillwater (NYSE: SBGL) rose 15%, 21%, and 42%, respectively, in October, according to data from S&P Global Market Intelligence. It's unsurprising that these stocks climbed considering the price of gold rose more than 1.7%; there's a natural strong correlation between the movements of the commodity's price and the share prices of its extractors. But that wasn't the only factor inspiring investors to buy up these stocks.
Investors were enthusiastic about the third-quarter earnings reports of Agnico Eagle and AngloGold Ashanti, and found reasons for optimism in Sibanye-Stillwater's announcement of a restructuring.
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