I guess it must be a North American "conundrum" only whereby miners sell off when gold and silver prices rise above key resistance levels. Good thing, we are the global leader of "free" markets otherwise trading patterns would really get suspicious.
Regards - VHF
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Gold miners drive Chinese share market higher
February 23, 2011
BEIJING, Feb. 23 (Xinhua) -- Chinese shares crept higher Wednesday, led by gold miners, after international gold prices rebounded to above 1,400 U.S. dollars per ounce due to escalating violence in the Middle East and North Africa.
The benchmark Shanghai Composite Index rose 7.12 points, or 0.25 percent, to 2,862.63.
The Shenzhen Component Index climbed 0.16 percent, or 19.37 points, to 12,492.71.
Combined turnover shrank to 244.46 billion yuan (37 billion U.S. dollars) from 340.6 billion yuan on the previous day.
Gainers outnumbered losers 702 to 179 in Shanghai and 925 to 241 in Shenzhen.
Gold miners rallied Wednesday, as investors sought a safe haven as political unrest in the Middle East and North Africa continued.
Zijin Mining Group Co., China's biggest gold producer, gained 8.96 percent to 8.51 yuan per share. Shandong Gold Mining Co. climbed 5.17 percent to 51.07 yuan.
Property stocks also climbed with China Vanke Co., the nation's biggest listed property developer, rising 0.37 percent to 8.15 yuan.
Bucking the trend, oil stocks fell with PetroChina Co., the country's largest oil producer, dropping 1.21 percent to 11.45 yuan.
Sinopec, the country's largest oil refiner, shed 2.06 percent to 8.56 yuan.
