Why Iamgold Rallied Today
Shares of gold miner Iamgold (NYSE: IAG) rallied as much as 8.4% on Monday, before settling into a 5.7% gain as of 2:16 p.m. ET.
Not only were gold prices up slightly on top of an extremely strong first-half performance today on geopolitical news, but Iamgold also made a positive company-specific announcement regarding its new Cote Gold mine in Canada, which started operations 15 months ago.
Gold is often thought of as the classic store of value in case war or severe supply shocks shake the world -- although Bitcoin (CRYPTO: BTC) is emerging as a potential alternative as "digital gold." Still, gold still seems to have its luster -- as this year's Trump administration tariffs have threatened to escalate into full-on trade wars, gold has had a fantastic run, up just over 30% year to date.
Source Fool.com
