Gold is trading slightly negative this morning at $1,676 as investors pause ahead of the release of Fed minutes. Loose monetary policy helped gold shoot up to record highs last year, but better than expected economic data in recent months has another round of QE looking less likely.
The Fed minutes will give insights into the Fed’s March meeting and if the Fed is considering any additional steps to help grow the economy. As long as the U.S. economy continues to show signs of improving, the Fed is likely stay on the sidelines. However, many analysts believe if data was to worsen, the Fed would be quick to act in order to keep the recovery on track.
Over the past five days, gold prices have dropped as low as $1,650 and as high as $1,680.
Gold Stocks to Watch
Yamana Gold, Inc. (NYSE:AUY) is down 1.63% this morning at $15.68. AUY has traded 912 thousand shares so far today and trades 7.2 million shares a day on average. AUY shares have fallen $0.50 a share from its high of $16.15. The company has a market cap of 11.67 billion.
Kinross Gold Corporation (NYSE:KGC) is down 0.70% in early trading at $9.89. KGC has traded more than 2 million shares so far today and trades 9.5 million shares a day on average. Citigroup initiated coverage on Kinross Gold today and rated the stock a buy with a target of $13. The company has a market cap of 11.26 billion.
Barrick Gold Corporation (NYSE:ABX) is down 1.43% at $43.59. ABX has traded 1.4 million shares so far today and trades 7.5 million shares a day on average. While ABX shares are down today, the stock is up more than $1 a share since last Thursday. The company has a market cap of 43.69 billion.
Goldcorp Inc. (NYSE:GG) is down 1.71% today at $45.33. GG has traded 783 thousand shares so far today and trades 5.1 million shares a day on average. Citigroup initiated coverage on Goldcorp today and gave it a neutral rating with a target price of $47. The company has a market cap of 36.75 billion.
Iamgold Corp. (NYSE:IAG) is down 1.47% today at $13.40. IAG has traded 305 thousand shares this morning and trades 2.6 million shares a day on average. On Monday, Iamgold announced it acquired 7.5 million shares of Stronghold Metals Inc. through the acquisition by a 95% owned subsidiary. The company has a market cap of 5.05 billion.
New Gold, Inc. (AMEX:NGD) has fallen 1.72% in morning trading at $10.02. NGD has traded 1.1 million shares this morning and trades 2.9 million shares a day on average. NGD shares are up $0.40 a share in the past week. The company has a market cap of 4.61 billion.
Eldorado Gold Corp. (NYSE:EGO) is down 1.07% today at $13.89. EGO has traded 821 thousand shares this morning and trades 3.6 million shares a day on average. Over the past five trading days, EGO has jumped up nearly $1 a share. The company has a market cap of 7.61 billion.
SPDR Gold Shares (NYSEARCA:GLD) is down 0.17% this morning at $162.66. GLD has traded 1.8 million shares so far today and trades 12.1 million shares a day on average. GLD spiked $3 a share from last Thursday to Monday before falling slightly today.
About Martin Stephenson
