After a pointless G8 meeting over the weekend, gold prices are looking at the 1600 level as the next barrier to breach. Though whipsawing between positive and negative moves today, the metal has recovered a good chunk of the ground it lost over the previous weeks.
Other news out of Europe has Greece hurtling towards a fresh round of elections on June 17. A planned EU meeting is expected to have French President Hollande pushing for EU bonds. German Chancellor Merkel is almost assuredly going to balk at this notion. The whole EU saga has become a question of growth policy (read spending) vs austerity. Expect volatility in the commodity space until the markets get a firm look at the direction the EU will take in regards to Greece.
Currently the gold spot price is down 70 cents to $1591.40 per ounce.
Gold Stocks
Newmont Mining Corp. (NYSE:NEM) is up 2.70% today at $46.84. NEM has traded 2 million shares so far today and trades 7.4 million shares a day on average. NEM shares are up $4 a share since last Thursday. The company has a market cap of 23.22 billion.
Yamana Gold, Inc. (NYSE:AUY) is down 3.38% this morning at $14.14. AUY has traded 2.08 million shares so far today and trades 7.48 million shares a day on average. AUY shares have rallied $1.50 a share over the past five days. The company has a market cap of 10.56 billion.
Kinross Gold Corporation (NYSE:KGC) is up 3.13% today at $7.93. KGC has traded 1.5 million shares so far today and trades 9.6 million shares a day on average. KGC is up $0.80 a share since last Wednesday. The company has a market cap of 9.02 billion.
Barrick Gold Corporation (NYSE:ABX) is up 1.67% in early trading at $37.79. ABX has traded 1.3 million shares so far today and trades 8.2 million shares a day on average. ABX shares have jumped nearly $3 a share after falling as low as $35 a share last week. The company has a market cap of 37.87 billion.
Goldcorp Inc. (NYSE:GG) is up 1.41% this morning at $35.27. GG has traded 1.2 million shares so far today and trades 6 million shares a day on average. GG shares have rallied $3.50 since early last week. The company has a market cap of 28.67 billion.
Gold Fields Ltd. (NYSE:GFI) is up 2.68% today at $12.55. GFI has traded 1.1 million shares so far today and trades 3.7 million shares a day on average. GFI shares have seen some choppy trading over the past week, but are up about $0.80 a share from its low of below $11.80 early last week. The company has a market cap of 9.07 billion.
AngloGold Ashanti Ltd. (NYSE:AU) is up 0.99% this morning at $34.62. AU has traded 938 thousand shares so far today and trades 2.2 million shares a day on average. AU shares are up more than $3 a share over the past week. The company has a market cap of 13.27 billion.
NovaGold Resources Inc. (AMEX:NG) is up 3.48% today at $5.65. NG has traded 846 thousand shares so far today and trades 4.1 million shares a day on average. NG shares are up $0.60 a share over the past few days. The company has a market cap of 1.56 billion.
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