Gold Below $1,700, Gold Stocks to Watch

Gold prices moved below $1,700 this morning as the entire market looks weak today. Gold is off some today as the dollar is showing some strength today. Gold investors will have their eyes on a Fed meeting later this week where they will discuss monetary policy.

Investors are in a holding pattern today as no news is driving the market one way or another. The market is being held down slightly due to China’s trade balance. Gold prices may rise more, but gold traders will have to wait for the market to have a significant downturn. Gold would then become a flight to safety investment like it was late last year and during 2008.

Gold Stocks to Watch

SPDR Gold Trust (NYSEARCA:GLD) is down 0.89% today at $164.91. GLD has traded 2.4 million shares so far today and trades 12.9 million shares a day on average. GLD is breaking a three day winning streak today as it jumped from $162 to $166 in the latter half of last week.

New Gold Inc. (AMEX:NGD) is down 3.56% today at $10.30. NGD is down on decent volume this morning with nearly 900 thousand shares traded. New Gold typically trades about 2.7 million shares a day on average. On the year, NGD is trading about where it started. It hit a 2012 high in early February of around $12.50 and was trading as low as the high $9s. The company has a market cap of 4.76 billion.

Eldorado Gold Corp. Ltd (NYSE:EGO) is down 1.09% this morning at $14.06. EGO has traded 537 thousand shares so far today and trades 3.7 million shares a day on average. EGO shares have lost about $0.50 in the past two days. The company has a market cap of 7.76 billion.

Iamgold Corporation (NYSE:IAG) is down 2.01% today at $14.14. IAG is trading average volume today with 527 thousand shares traded. IAG usually trades about 2.4 million shares a day. The company has a market cap of 5.30 billion.

Barrick Gold Corporation (NYSE:ABX) is down 1.07% this morning at $45.32. ABX has traded about 1.1 million shares in early trading and trades a bit over 7 million shares a day on average. The company has a market cap of 45.31 billion.

Yamana Gold, Inc. (NYSE:AUY) is down 2.26% today at $16.43. AUY has traded 1.4 million shares so far today and trades 7 million shares a day on average. AUY shares are down today after it saw a slight rally late last week as gold prices went up. The company has a market cap of 12.26 billion.

Kinross Gold Corporation (NYSE:KGC) is down 1.58% in early trading at $10.89. KGC has traded 2 million shares so far today and trades 9 million shares a day on average. KGC shares went up about $1 a share last week, but are down today as gold prices fall below $1,700. The company has a market cap of 12.37 billion.

Goldcorp Incorporated (NYSE:GG) is down 2.09% today at $46.30. GG has traded 1.3 million shares so far today and usually trades about 5 million shares a day. GG has dropped about $2 a share from its high on Friday. The company has a market cap of 37.48 billion.