Nothing is music to a gold bull’s ears like the sound of QE3. Ben Bernanke’s speech yesterday on the need for more stimulus shook gold out its slump. Bernanke’s chief concern was over the actual strength of the labor market. His worry is that demand will temper any labor growth in the coming quarters.
One sector of demand that will not fall given his comments is gold. It pretty much feeds the thesis of noted gold bulls like Max Keiser and Marc Faber that this is central planning run amok. As of now gold prices are trying to break back above the $1700 per ounce.
Gold is currently trading $6 higher at $1,692.20.
Gold Stocks to Watch
Barrick Gold Corporation (NYSE:ABX) is down 0.16% this morning at $44.42. ABX has traded 675 thousand shares in the first 30 minutes of trading and trades 7.3 million shares a day on average. Barrick Gold stock is up about $1.50 a share in the past five days. The company has a market cap of 44.37 billion.
Kinross Gold Corporation (NYSE:KGC) is down nearly 1% this morning at $10.11. KGC has traded 932 thousand shares so far today and trades 9.3 million shares a day on average. KGC shares are up about $0.30 a share since last Thursday. The company has a market cap of 11.47 billion.
Newmont Mining Corporation (NYSE:NEM) is down 0.34% today at 53.26. NEM has traded 694 thousand shares this morning and trades 6.5 million shares a day on average. NEM shares have jumped more than $1 a share after falling below $52.20 last Thursday. The company has a market cap of 26.33 billion.
Gold Fields Ltd. (NYSE:GFI) is up 0.22% this morning at $14.06. GFI has traded 433 thousand shares so far today and trades 3.2 million shares a day on average. GFI shares are up about $0.40 a share since March 22. The company has a market cap of 10.16 billion.
Goldcorp Incorporated (NYSE:GG) is up 0.44% today at $45.84. GG has traded 819 thousand shares so far today and trades 5 million shares a day on average. GG shares are up more than $2 a share in the past 4 days. The company has a market cap of 37.15 billion.
Yamana Gold, Inc. (NYSE:AUY) is up 0.31% in early trading at $16.33. AUY has traded 771 thousand shares so far today and trades 7.1 million shares a day on average. AUY shares have rallied more nearly $1 since late last week. The company has a market cap of 12.18 billion.
Eldorado Gold Corp. (NYSE:EGO) is down 0.26% today at $13.58. EGO has traded 623 thousand shares this morning and trades 3.6 million shares daily. Shares of Eldorado Gold are up about $0.80 since Friday. The company has a market cap of 7.51 billion.
Novagold Resources Inc. (AMEX:NG) is down 1.22% this morning at $7.30. NG has traded 524 thousand shares so far today and typically trades 4.1 million shares a day. NG shares have climbed about $0.60 a share from its low last Thursday of $6.70. The company has a market cap of 1.77 billion.
Iamgold Corporation (NYSE:IAG) is up 0.30% today at $13.50. IAG has traded 264 thousand shares this morning and trades 2.6 million shares a day on average. IAG shares are up $0.40 in the past few days. The company has a market cap of 5.08 billion.
SPDR Gold Trust (NYSEARCA:GLD) is up 0.06% this morning at $164.50. GLD has traded 2.7 million shares so far today and trades 12.3 million shares a day on average. GLD is up more than $5 since last Thursday when it was trading below $159.
About Rachel Brook
