Never count a gold bull out. He always has the Federal Reserve in his corner ready to give a speech to send the metal rebounding. Today was that day. Fed Chief Ben Bernanke gave a speech this morning hinting that further stimulus is needed. He does not trust current labor trends to continue and therefore more stimulus should be on the table.
That’s all the gold bulls needed to hear. Hints of QE3 and more money printing. THis sent gold prices sharply higher, jumping nearly 1% on the news. Another miss in housing data did give credence to a continued recovery either. Pending home sales were expected to rise, instead they saw a dip from January to February.
Gold Stocks to Watch
Kinross Gold Corporation (NYSE:KGC) is up 0.80% today at $10.11. KGC has traded 5.6 million shares so far today and trades 9.3 million shares a day on average. KGC shares are up about $0.30 off a low last Tuesday of $9.80. The company has a market cap of 11.53 billion.
Barrick Gold Corporation (NYSE:ABX) is up 1.05% in midday trading at $44.22. ABX has traded 5.1 million shares so far today and trades 7.3 million shares a day on average. ABX shares are up about $1.50 over the past week. The company has a market cap of 44.25 billion.
Newmont Mining Corporation (NYSE:NEM) is down 0.13% today at $53.25. NEM has traded 4.7 million shares in early afternoon trading and trades 6.5 million shares a day on average. Newmont Mining shares have dropped more than $10 a share in the past month. The company has a market cap of 26.34 billion.
Yamana Gold, Inc. (NYSE:AUY) is up 1.60% today at $16.18. AUY has traded 4.4 million shares so far today and trades 7.2 million shares a day on average. AUY shares are up more than $1 a share since last Tuesday. The company has a market cap of 12.06 billion.
Novagold Resources Inc. (AMEX:NG) is up 4.86% today at $7.35. NG has traded 4.1 million shares so far today and is right at its daily average. Novagold announced earlier today that Anthony Walsh joined its board of directors. The company has a market cap of 1.76 billion.
Goldcorp Incorporated (NYSE:GG) is up 2.24% in early afternoon trading at $45.54. GG has traded 3.3 million shares so far today and trades nearly 5.1 million shares a day on average. GG shares are up about $2.50 a share in the past 5 days. The company has a market cap of 36.87 billion.
SPDR Gold Trust (NYSEARCA:GLD) is up 1.37% today at $163.74. GLD has traded 9.4 million shares and 12.3 million shares a day on average. GLD has jumped more than $4 since last Thursday.
AuRico Gold Inc. (NYSE:AUQ) is up 1.91% today at $9.05. AUQ has traded 938 thousand shares so far today and trades 2 million shares daily on average. AUQ shares are up more than $0.50 a share in the past 3 days. The company has a market cap of 2.54 billion.
Eldorado Gold Corp. (NYSE:EGO) is up 2.01% today at $13.67. EGO has traded 2.7 million shares so far today and trades 3.6 million shares a day on average. EGO has jumped over $1 a share in the past few days. The company has a market cap of 7.54 billion.
Iamgold Corporation (NYSE:IAG) is up 1.29% today at $13.39. IAG has traded 2 million shares in early afternoon trading and trades 2.6 million shares a day on average. IAG shares have jumped as much as $0.50 a share since hitting $13 last Thursday. The company has a market cap of 5.03 billion.
About Rachel Brook
