Mississauga, ON -- (SBWIRE) -- 08/16/2016 -- AllPennyStocks.com Media, Inc. (http://www.AllPennyStocks.com/) announces its latest article titled "Midland Begins Exploration Program At World-Class Gold Deposit."
Companies mentioned in this article include Barrick Gold Corporation (NYSE:ABX), Goldcorp Inc. (NYSE:GG) and Midland Exploration Inc. (TSX-Venture:MD).
According to a filing with the U.S. Securities and Exchange Commission, billionaire investor George Soros exited the bulk of his position in gold mining company Barrick Gold Corporation (NYSE:ABX).
Soros held 19.4% of the shares of ABX at the end of the first quarter. As gold mining stocks rallied, Soros took the profit, selling more than 90% of his holdings. At the end of the second quarter, Soros held 1.07 million shares. Soros scaling back his bet on the gold mining stock suggests that the sensational rally seen by miners this year may be coming to an end, at least in his belief.
Year-to-date, ABX has already gained more than 190%, while shares of Goldcorp Inc. (NYSE:GG) are up more than 64%. Despite the huge gains though, gold mining stocks could still see further upside.
One of the key drivers of the rally has been expectations that the Federal Reserve will not hike rates in 2016. While there are indications that the Fed is open to at least one rate hike this year, the pace of rate hikes is expected to be slow, given soft inflation data. Therefore, gold mining stocks could continue their run.
Midland Exploration Inc. (TSX-Venture:MD) is a Montreal, Canada-based mineral exploration company. The company's operations include the acquisition and exploration of mining properties. Its properties include Maritime-Cadillac, located in the Abitibi region in Quebec and composed of around seven claims.
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