For the third session in a row, gold prices seem to lack any real direction and just drift about. Today they lost the $1660 level but it was a break without any real downward pressure. The metal is off its two week high set after the Bernanke speech earlier in the week.
Most analysts agree that gold seems to be consolidating for a move to the upside. Bernanke’s signal for further easing just fuels the fire for gold prices. The move hasn’t happened yet because investors are waiting to see what the makeup of the new stimulus will be. Will it be QE3 or more like a QE2.5. Both have separate impacts on a rally’s strength. Definitely a space to watch going into the next fed meeting in late April.
Gold Stocks Update
SPDR Gold Shares (NYSEARCA:GLD) is down 0.27% this morning at $161.11. GLD has traded 1.3 million shares so far today and trades around 12 million shares on average. GLD has dropped more than $3 a share since Tuesday.
Kinross Gold Corporation (NYSE:KGC) is down 0.98% in early trading at $9.64. KGC has traded 1.3 million shares so far today and trades 9.5 million shares a day on average. KGC shares are down for their third straight day and have lost about $0.60 a share this week. The company has a market cap of 10.96 billion.
Eldorado Gold Corp. (NYSE:EGO) is down 1.59% today at $13.03. EGO has traded 547 thousand shares this morning and trades 3.6 million shares a day on average. EGO shares have dropped nearly $1 a share since Monday. The company has a market cap of 7.20 billion.
New Gold, Inc. (AMEX:NGD) is up 0.10% this morning at $9.68. NGD has traded 450 thousand shares so far today and trades 2.9 million shares a day on average. NGD shares are up about $0.30 a share this week. New Gold announced on Tuesday a $300 million senior notes offering. The company has a market cap of 4.48 billion.
Iamgold Corp. (NYSE:IAG) is down 0.92% today at $12.99. IAG has traded 365 thousand shares so far today and trades 2.6 million shares on average. IAG shares are down $0.50 a share this week. The company has a market cap of 4.89 billion.
Goldcorp Inc. (NYSE:GG) is down 1.35% in early trading at $43.89. GG has traded 828 thousand shares this morning and trades 5.1 million shares a day on average. GG shares are down more than $2 a share this week. The company has a market cap of 35.70 billion.
Yamana Gold, Inc. (NYSE:AUY) is down 1.55% today at $15.25. AUY has traded 1.6 million shares so far today and trades 7.2 million shares a day on average. AUY shares have fallen $1 in the past few days. The company has a market cap of 11.44 billion.
Barrick Gold Corporation (NYSE:ABX) is down 1.58% this morning at $42.46. ABX has traded 1.8 million shares so far today and trades 7.4 million shares a day on average. ABX shares are down close to $2 a share this week. The company has a market cap of 42.73 billion.
Newmont Mining Corp. (NYSE:NEM) is down 1.22% today at $50.87. NEM has traded 2.3 million shares already today and trades 6.6 million shares a day on average. NEM shares are down $2 a share in the past few days. The company has a market cap of 25.19 billion.
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