Gold blazes past $700 on a new bull run

The price of gold surged above US$700 an ounce Thursday to the highest level since May 2006, boosting the share prices of Canadian gold mining companies along with it.

Canadian mining giant Barrick Gold Corp. (TSX:ABX) shares closed up nearly nine per cent to $38.10 on the Toronto Stock Exchange Thursday, and Kinross Gold Corp. (TSX:K) closed up more than seven per cent to $13.95. Goldcorp Inc. (TSX:G) stock rose nearly eight per cent to $27.21 and shares in Aurelian Resources Inc.(TSXV:ARU) were up 8.8 per cent to $6.90.

On a technical basis, Gold is set to revisit and break the old highs of 2006

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