Stocks are up some in midday trading a few days after the Dow saw a more than 200 point jump. Investors seemed to have little reaction to positive weekly jobless claims that came out earlier today. Jobless claims fell to a four year low with 351,000 initial claims for state unemployment benefits.
Gold investors have been waiting for the Fed to confirm another round of quantitative easing. But the Fed has given no indication that another round is coming or even needed. Until another round of QE or a significant downturn in the market, gold will likely continue to trade in its current range.
Gold Stocks to Watch
New Gold Inc. (AMEX:NGD) is down 0.93% today at $9.56. NGD has traded 2.3 million shares in midday trading and trades 2.7 million shares a day on average. New Gold has taken quite a hit in the past week or so along with gold prices. NGD shares are down about $1.50 a share since Monday. The company has a market cap of 4.42 billion.
Eldorado Gold Corp. (NYSE:EGO) is up 0.65% in midday trading at $13.53. EGO is trading average volume today with 1.9 million shares traded so far. EGO shares have fallen $2 a share in the past three weeks. The company has a market cap of 7.48 billion.
Barrick Gold Corporation (NYSE:ABX) is up 1.02% today at $43.76. Barrick Gold is bouncing back slightly today as gold prices are trying to recover from its recent downtrend. Most of these gold stocks are beginning to enter into over sold territory as well. The company has a market cap of 43.76 billion.
SPDR Gold Trust (NYSEARCA:GLD) is up 0.54% in midday trading at $160.40. GLD has traded 6 million shares as of 12:45 pm and trades 12.5 million shares a day on average. GLD has dropped about $6 a share since Monday.
Kinross Gold Corporation (NYSE:KGC) is up 0.30% today at $9.93. KGC looks to finish the day with above average volume as it has already traded 7 million shares. The stock trades about 9 million shares on average. The company has a market cap of 11.28 billion.
Goldcorp Incorporated (NYSE:GG) is up 0.70% today at $44.74. GG has traded 3.5 million shares so far today today and trades 5 million shares a day on average. Goldcorp bounced off its low of below $44 yesterday and is up close to $1 since then. The company has a market cap of 36.06 billion.
Yamana Gold, Inc. (NYSE:AUY) is up 2.13% today at $15.78. AUY has traded 4.6 million shares in midday trading and trades 7.1 million shares a day on average. AUY shares were trading as high as $16.00 earlier this morning. The company has a market cap of 11.69 billion.
Iamgold Corporation (NYSE:IAG) is down 0.04% today at $13.36. IAG has traded 1.8 million shares so far today and trades 2.4 million shares a day on average. IAG shares are trying to bounce back some today as gold prices bounce back as well. The company has a market cap of 4.98 billion.