Gold prices are staging a rebound today as global growth concerns are finally giving a boost to the metal. Though it is still rangebound, the likelihood of QE3 increased this week and it could just be a matter of time before the metal breaks above the psychological $1700 level again.
Of course if macro data starts to improve again, the Fed could delay action, setting the metal back even further. This seems to be less likely as the EU still does not have a handle on the sovereign debt crisis. Plus you had the Greek PM today not ruling out the need for a third bailout. Guess the country insists on making this one drawn out saga with no real end in sight.
Gold Stocks Update
SPDR Gold Shares (NYSEARCA:GLD) is up 0.22% today at $161.70. GLD has traded 1.3 million shares so far today and trades 12.2 million shares a day on average. GLD shares are up more than $1 from yesterday’s low.
Kinross Gold Corporation (NYSE:KGC) is down 0.23% this morning at $9.65. KGC has traded 1.2 million shares today and trades 9.5 million shares a day on average. KGC shares have fallen more than $0.60 a share this week. The company has a market cap of 11.03 billion.
Yamana Gold, Inc. (NYSE:AUY) is up 0.26% today at $15.48. AUY has traded 1.2 million shares this morning and trades 7.2 million shares a day on average. AUY shares are down close to $1 a share on the week. The company has a market cap of 11.60 billion.
Goldcorp Inc. (NYSE:GG) is up 0.47% this morning at $44.59. GG has traded 828 thousand shares so far today and trades 5.1 million shares a day on average. GG have dropped more than $1 a share since the Monday. The company has a market cap of 36.30 billion.
Barrick Gold Corporation (NYSE:ABX) is up 0.05% this morning at $43.15. ABX has traded 1.1 million shares so far today and trades 7.5 million shares a day on average. Barrick announced earlier today pricing of $2 billion offering of debt securities. The company has a market cap of 43.3 billion.
Iamgold Corp. (NYSE:IAG) is up 0.30% today at $13.24. IAG has traded 333 thousand shares so far today and trades 2.6 million shares a day on average. IAG shares have bounced $0.40 after trading nearly $12.80 yesterday. The company has a market cap of 5 billion.
New Gold, Inc. (AMEX:NGD) is up 0.10% in early trading at $9.74. NGD has traded 400 thousand shares this morning and trades 2.9 million shares a day on average. NGD shares are up $0.20 from yesterday’s low. The company has a market cap of 4.52 billion.
Eldorado Gold Corp. (NYSE:EGO) is up 1.34% today at $13.58. EGO has traded 497 thousand shares so far today and trades 3.6 million shares a day on average. EGO shares are up $0.60 in the past two days. The company has a market cap of 7.49 billion.
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