Gold prices are trading about $9 lower today as the market sell off speeds up. Investors are keeping a close eye on Europe as they wait to see if Spain will request a bailout or not. The dollar has been gaining some against the euro today which has kept gold prices down also. The market will be busy this week as earnings season officially kicks off with Alcoa reporting after market close.
Let’s take a look at how gold stocks are reacting to the slight weakness in gold prices in midday trading.
Kinross Gold Corporation (NYSE:KGC) is down 1.91% today at $10.52. KGC has traded 4.8 million shares so far today and trades 10.03 million shares a day on average. KGC shares are down for the third straight day and have fallen $0.70 a share since last Thursday. The company has a market cap of 11.99 billion.
Yamana Gold, Inc. (NYSE:AUY) is down 1.95% today at $18.59. AUY has traded 2.9 million shares so far today and trades 5.8 million shares a day on average. AUY shares are down about $1 a share over the past three days. The company has a market cap of 13.89 billion.
Barrick Gold Corporation (NYSE:ABX) is down 0.97% today at $40.97. ABX has traded 2.5 million shares so far today and trades 8.3 million shares a day on average. ABX shares have dropped about $1.30 a share over the past couple of days. The company has a market cap of 40.95 billion.
Sandstorm Gold Ltd. (NYSE:SAND) is down 7.81% in midday trading at $13.89. SAND shares had jumped nearly $2 a share over the past four days, before pulling back today. Sandstorm’s CEO told CNBC last week that gold could go to $2,000/ounce. The company has a market cap of 978.05 million.
Goldcorp Inc. (NYSE:GG) is down 1.39% today at $45.34. GG has traded 1.8 million shares so far today and trades 5.3 million shares a day on average. Goldcorp will go ex-dividend tomorrow, any shareholders as of market close today will be eligible for a $0.05 dividend per share. GG shares have dropped about $1.50 a share over the past few days. The company has a market cap of 36.77 billion.
Gold Fields Ltd. (NYSE:GFI) is down 0.08% today at $12.28. GFI has traded 1.76 million shares in midday trading and trades 4.6 million shares a day on average. The company has a market cap of 8.93 billion.
NovaGold Resources Inc. (NYSE:NG) is down 1.76% today at $5.01. NG has traded 1.4 million shares so far today, about half its normal daily volume. NG shares are down about $0.50 a share over the past few days. The company has a market cap of 1.40 billion.
About Kyle Pinder
