A poor jobs report has investors flocking to safe haven investments such as gold today. The economy created only 69,000 jobs in May and the unemployment rate rose from 8.1% to 8.2%. Many analysts believe a QE 3 announcement could happen this summer due to all of the poor economic data.
Doug Roberts, a managing partner at Channel Capital Research, said the sell off continuing “really depends on the government.” He added, “If they start making news about QE3, than you can start to see this (selloff) is going to be relatively short-lived.”
The only thing in the green today are metals. Spot gold prices are up more than $50 this morning at $1,616.30.
Gold Stocks
Barrick Gold Corporation (NYSE:ABX) is up 5.50% today at $41.21. ABX has traded 3.1 million shares so far today and trades 8.4 million shares a day on average. Poor economic data today has sent investors to safe haven investments such as gold. The company has a market cap of 41.17 billion.
Kinross Gold Corporation (NYSE:KGC) is up 5.24% this morning at $8.39. KGC has traded 2.8 million shares so far today and trades 9.8 million shares a day on average. The company has a market cap of 9.51 billion.
Yamana Gold, Inc. (NYSE:AUY) is up 6.11% in early trading at $15.45. AUY has traded 2.7 million shares so far today and trades 7.2 million shares a day on average. The company has a market cap of 11.53 billion.
Newmont Mining Corp. (NYSE:NEM) is up 5.74% today at $49.87. NEM has traded 2.6 million shares so far today and trades 7.5 million shares a day on average. The company has a market cap of 24.57 billion.
Goldcorp Inc. (NYSE:GG) is up 6.62% today at $38.62. GG has traded 2.3 million shares so far today and trades 6.1 million shares a day on average. GG shares were trading as high as $38.72 shortly after market open. The company has a market cap of 31.06 billion.
Gold Fields Ltd. (NYSE:GFI) is up 4.15% this morning at $13.81. GFI has traded 1.6 million shares so far today and trades 3.8 million shares a day on average. The company has a market cap of 10.01 billion.
Iamgold Corp. (NYSE:IAG) is up 7.12% today at $11.43. IAG has traded 1.4 million shares already this morning and trades 3.09 million shares a day on average. The company has a market cap of 4.30 billion.
Eldorado Gold Corp. (NYSE:EGO) is up 4.53% this morning at $11.53. EGO has traded 1.6 million shares so far today and trades 4.5 million shares a day on average. The company has a market cap of 8.14 billion.
About Danny Fisher
