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Kinross Gold posted second quarter earnings after the bell on Wednesday, beating expectations and rising, both during the session and afterhours, as investors continue to pile into gold amid global uncertainty, nervousness, and fear.

Toronto, Canada-based Kinross posted strong second quarter earnings, with adjusted net income more than doubling to $226.5 million, up from $110.4 million in the second quarter of 2010. In an adjusted per share basis, Kinross earned 20 cents, beating Wall Street’s consensus forecast of 17 cents.

Gold has become the new fear gauge, said market chatter Wednesday’s market chatter, and Kinross made the most of it. With gold pushing up against nominal all-time highs, Kinross sold 606,896 ounces of the shiny metal in the second quarter, up 16.8%. Realizing an average price of $1,449 per ounce, Kinross made $973 per ounce sold, up 31%. (Read Gold Hits All-Time High Of $1,778 As JPMorgan Says It Could Test $2,500).

Revenue hit $987.8 million, a 42% gain.

Kinross produced a record 704,447, up 26%, and remains on track to produce 2.6 to 2.7 million ounces by the end of 2011. Adjusted operating cash flow hit $413.1 million, up from $282.5 million.

“Solid performance from our operations – notably Kupol, Maricunga, and Fort Knox – helped Kinross to deliver record production, revenue, and margins in the second quarter amid continuing strong gold prices,” said Tye Burt, president and CEO of Kinross. “Despite industry-wide cost pressures, our second quarter cost of sales remained at the low end of our guidance range,” added Burt.

The company announced a 20% dividend increase, and will pay 6 cents per share on September 30.

Shares in Kinross rallied during Wednesday’s session despite generalized weakness and steep declines in all three major U.S. equity indices. After having gained 1.75% to $16.26, Kinross rallied a little more afterhours, and was trading up 0.55% or 9 cents to $16.35 by 5:05 PM in New York. (Read Fear Index VIX Up 50%, In Backwardation, Confirms Fully-Fledged Bear Market).

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