US Stock Market Move | Gold stocks rise: Harmony Gold Mining Co. Ltd. Sponsored ADR (HMY.US) up over 5.2%

On Thursday, spot gold once again surpassed the $2950 per ounce mark, reaching a new all-time high. The gold sector followed suit, with Gold Fields Limited Sponsored ADR (GFI.US) rising over 3.6%, Royal Gold, Inc. (RGLD.US) and Barrick Gold Corporation (GOLD.US) rising over 1%, and Harmony Gold Mining Co. Ltd. Sponsored ADR (HMY.US) rising over 5.2% at the time of writing. The latest news indicates that US Treasury Secretary Besen is hesitant about revaluing the value of gold reserves, stating, "When it comes to sovereign wealth funds, I've said, 'monetizing the balance sheet' is absolutely not what I want." When asked if he would discuss the issue, he repeated, "This is not what I want." The current price of gold reserves is $42.22 per ounce, which is the traditional official price from decades ago. Reassessing the value of these assets based on current market prices could potentially increase the calculation from $11 billion to around $750 billion. He mentioned that there are no plans to visit Knoxburg in Tennessee - where most of the US gold reserves are located, but he assured that "all the gold is there," and welcomed any senators to come and visit.