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Anyone who has been watching the commodities market closely must have noticed the price action in gold this past Friday. As the markets open on August 16, more and more investors are likely to look into stocks of companies involved in the gold exploration and production. One such company is Clifton Mining Company (OTC:CFTN). Last week the US dollar experienced considerable weakness following the anticipation for an interest rate cut owing to strong macroeconomic data. There is anticipation of a rate cut from the Federal Reserve in September.
Additionally, the continued disturbances in the Middle East have also contributed towards greater demand for the precious yellow metal as a hedge against economic turmoil. The price of spot gold hit a record high of as much as $2500.99 an ounce before settling at $2489.12 an ounce. Over the past week, the price went up by 2.4%, and consequently, the US dollar fell by 0.3% over the same period.
In such a situation, Clifton Mining may well be a company that you might consider adding to your watch lists. It is one of the more savvy operators in the metals production industry and has continued to grow despite the difficulties in the wider market. The bear market of the past two decades led to the closure of many exploration companies amidst lower revenues and low investor interest.
However, Clifton Mining managed to add more assets and, in fact, bought back 4 million shares instead of diluting its stock to pay for its expansion. It may well be the company to watch at a time when gold prices are soaring.
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