Wall Street throwing billions at gold miners

Drawing attention: With gold prices soaring, precious-metals companies have become the darlings of the investment community. — Bloomberg

NEW YORK: A year ago, you couldn’t get Wall Street to touch most gold miners’ stocks. Today, it’s throwing billions at the industry.

Precious-metals miners once seen as too leveraged and high-risk for the typical investor raised US$2.4bil in secondary equity offerings during the second quarter, data compiled by Bloomberg show. That’s the most since 2013 and seven times more than the funds they raised a year earlier.