After the drubbing they took yesterday, gold prices have perked up a bit this morning as investors look to see if they can find the floor in the metal. Short sellers coming in to cover ahead of the long weekend are also helping bolster gold prices.
The labor picture today shows that QE3 may be a bit further off than gold bulls would like. All depending on the unemployment rate, the Fed meeting in late April may be a disappointment for those looking for gold to renew its push higher.
The one outlier that could be the gold price savior is Europe. They seem to be unable to solve the crisis over their sovereign debt. They have the kicking the can down the road down to an art-form but one day they may miss the kick or act too slow. That could be the catalyst that brings gold back to the forefront. Definitely something to watch in the coming months.
Gold prices are currently up $10 to $1,630 per ounce.
Gold Stocks to Watch
Yamana Gold, Inc. (NYSE:AUY) is up 0.20% today at $15.03. AUY has traded 958 thousand shares this morning and trades 7.3 million shares a day on average. AUY shares are trying to recover after two straight days of declines. The company has a market cap of 11.22 billion.
Goldcorp Inc. (NYSE:GG) is down 0.58% in early trading at $40.92. GG has traded 1.5 million shares so far today and trades 5.3 million shares a day on average. GG shares are down for the third straight day today. The company has a market cap of 32.29 billion.
SPDR Gold Shares (NYSEARCA:GLD) is up 0.59% this morning at $158.13. GLD has traded 2.1 million shares so far today and trades 12.2 million shares a day on average. GLD shares are trying to recover today after falling $5 a share this week.
Barrick Gold Corporation (NYSE:ABX) is down 0.56% this morning at $41.08. ABX has traded 1.3 million shares in early trading and trades 7.6 million shares a day on average. ABX shares are down more than $3 a share this week. The company has a market cap of 41.35 billion.
Iamgold Corp. (NYSE:IAG) is down 1.13% today at $12.24. IAG has traded 427 thousand shares this morning and trades 2.6 million shares a day on average. IAG shares have dropped more than $1 a share this week. The company has a market cap of 4.63 billion.
New Gold, Inc. (AMEX:NGD) is up 2.26% today at $9.49. NGD has traded 670 thousand shares so far today and trades just over 3 million shares a day on average. New Gold announced earlier today the closing of $300 million senior notes offering. The company has a market cap of 4.35 billion.
Eldorado Gold Corp. (NYSE:EGO) is up 2.38% this morning at $13.34. EGO has traded 680 thousand shares so far today and trades 3.7 million shares daily on average. EGO shares are bouncing back this morning after falling more than $1 earlier this week. The company has a market cap of 7.41 billion.
AuRico Gold Inc. (NYSE:AUQ) is up 1.84% today at $8.85. AUQ has traded 808 thousand shares today and trades 2.1 million shares a day on average. AuRico provided a monthly update on its Young-Davidson mine this morning. The company has a market cap of 2.53 billion.
Gold Fields Ltd. (NYSE:GFI) is up 0.94% in early trading at $12.92. GFI has traded 1.5 million shares so far today and trades 3.4 million shares a day on average. GFI shares have dropped about $1.30 a share this week. The company has a market cap of 9.43 billion.
Newmont Mining Corp. (NYSE:NEM) is up 0.29% today at $48.68. NEM has traded 2 million shares so far today and trades 6.9 million shares a day on average. NEM shares dropped more than $4 a share this week, before bouncing back some late yesterday and this morning. The company has a market cap of 24.14 billion.
About Martin Stephenson
