Looks like the Bernanke bump wasn’t long lasting. Gold prices are retreating from their two-week high set earlier this week. The metal failed to break the $1700 barrier, so traders started to take more profits.
The Fed comments have given the range bound metal a much needed boost but it has yet to break the $1700 barrier convincingly. Analysts say that in the coming weeks investors should expect the break to come as investors clamor for more monetary easing from the Federal Reserve.
The gold prices moves are more of a concern for the short-term traders. Those that follow noted bulls like Marc Faber and Max Keiser are pretty much locked in on a different thesis. One that follows that all fiat currencies are doomed and the the return of the gold standard in inevitable.
Gold Stocks to Watch
SPDR Gold Trust (NSYEARCA:GLD) is down 0.55% at $162.35. GLD has traded 2.5 million shares in early trading and trades 12.4 million shares day on average. GLD has fallen about $2 from its high yesterday.
Yamana Gold, Inc. (NYSE:AUY) is down 1.04% this morning at $15.63. AUY has traded slightly over a million shares already today and trades 7.2 million shares a day on average. AUY shares are down about $0.70 a share in the past two days. The company has a market cap of 11.72 billion.
Goldcorp Incorporated (NYSE:GG) is down 0.58% today at $44.82. GG has traded 661 thousand shares so far today and trades 5.1 million shares a day on average. GG shares are down more than $1 a share over the past two days. The company has a market cap of 36.39 billion.
New Gold Inc. (AMEX:NGD) is down 0.10% in early trading at $9.67. NGD has traded 524 thousand shares this morning and trades 2.9 million shares a day on average. New Gold announced a $300 million senior notes offering yesterday. The company has a market cap of 4.48 billion.
Iamgold Corporation (NYSE:IAG) is down 1.43% today at $13.13. IAG has traded 269 thousand shares so far today and trades 2.6 million shares a day on average. IAG shares are down nearly $0.50 a share in the past two days. The company has a market cap of 4.95 billion.
Barrick Gold Corporation (NYSE:ABX) is down 1.48% today at $43.12. ABX has traded 1.2 million shares this morning and trades 7.4 million shares a day on average. ABX shares have dropped more than $1 a share since yesterday. The company has a market cap of 43.38 billion.
Kinross Gold Corporation (NYSE:KGC) is down 0.91% this morning at $9.81. KGC has traded 2.1 million shares in early trading and trades 9.4 million shares a day on average. KGC shares are down about $0.50 in the past three days. The company has a market cap of 11.21 billion.
Eldorado Gold Corp. (NYSE:EGO) is down 2% today at $13.23. EGO has traded 694 thousand shares this morning and trades 3.6 million shares a day on average. EGO shares are down $0.50 a share in the past three days. The company has a market cap of 7.31 billion.
AuRico Gold Inc. (NYSE:AUQ) is up 3.24% this morning at $9.24. AUQ has traded 823 thousand shares so far today and trades just over 2 million shares a day on average. AuRico announced recently it plans to see 90%-128% production growth in North America from 2011-2014. The company also reported record revenue and earnings for the fourth quarter yesterday. Revenue was $154.8 million and net earnings were $77.9 million or $0.31 per share. The company has a market cap of 2.61 billion.
Harmony Gold Mining Co. Ltd. (NYSE:HMY) is down 3.57% today at $10.79. HMY has traded 907 thousand shares this morning and trades 2.1 million shares a day on average. For the week, HMY shares are down about $0.40 a share. The company has a market cap of 4.67 billion.
About Kyle Pinder
