DAVID BERMAN
RTGAM






On another dismal day for the stock market, gold producers certainly stand out for their gains. As the trading day ticked down towards its closing moments, Barrick Gold Corp. was up 6.2 per cent and Goldcorp Inc. was up 7 per cent.

This is, to say the least, a great relief to those investors who bet on gold through the companies that actually mine it -- hoping to get a leveraged lift as the price of gold marched higher.

Gold has been doing its thing for some time, as investors reacted to central bank money-spinning and overall financial uncertainty. It came close to $1,800 (U.S.) an ounce on Wednesday, and was recently spotted at $1,797 an ounce, up $52.

Since the S&P 500 began to turn down sharply in the third week of July, falling a total of 16.7 per cent, gold has risen nearly 12 per cent. However, the 16-member NYSE Arca Gold Bugs index has actually fallen over this period by nearly 2 per cent. Wednesday, then, must mark sweet vindication.