Gold prices are back into their drifting mode after surrendering their gains from yesterday and earlier this morning. Bernanke’s speech last night gave no indication of further easing right around the corner. This has led the metal to sell off into the morning trading hours, flipping from green to red.
Traders seem to be waiting for actual action on the QE for stimulus front before jumping back in. They have been caught on the wrong side of the trade with all the QE3 on/off talk. Now it boils down to ‘Show them the money’ before they move back into risk assets such as gold.
Gold is currently down on the day, dropping over $4 per ounce to 1,636.90.
Gold Stocks to Watch
Kinross Gold Corporation (NYSE:KGC) is up 0.11% this morning at $9.27. KGC is having an average start to the day volume wise with 1.4 million shares traded so far. The stock trades 9.8 million shares a day on average. The company has a market cap of 10.60 billion.
AngloGold Ashanti Ltd. (NYSE:AU) is down 3.78% in early trading at $32.78. AU has traded 1.2 million shares so far today and trades 1.9 million shares a day on average. AU shares are falling this morning after their first quarter production fell below guidance. Anglogold saw first quarter production of 980 thousand ounces versus estimates of 1.03 million ounces. The company has a market cap of 12.70 billion.
Newmont Mining Corp. (NYSE:NEM) is up 0.42% today at $48.18. NEM has traded 1.4 million shares this morning and trades 7.1 million shares a day on average. NEM shares have been trading relatively flat the past few days after falling about $4 a share early last week. The company has a market cap of 23.82 million.
Iamgold Corp. (NYSE:IAG) is up 0.74% this morning at $12.14. IAG has traded 1.3 million shares so far today and trades 2.6 million shares a day on average. Iamgold filed a mineral resource report for Westwood Project late yesterday and confirmed resources and a start up date of early 2013. The company has a market cap of 4.57 billion.
Gold Fields Ltd. (NYSE:GFI) is down 1.52% in early trading at $12.66. GFI has traded 1.1 million shares this morning and trades 3.5 million shares a day on average. GFI shares have fallen about $1.50 a share in the past week. The company has a market cap of 9.18 billion.
Barrick Gold Corporation (NYSE:ABX) is up 0.06% today at $40.95. ABX has traded 1.3 million shares so far today and averages 7.8 million shares daily. ABX shares have fallen more than $4 a share in the past week. The company has a market cap of 41.04 billion.
Goldcorp Inc. (NYSE:GG) is up 0.19% this morning at $41.12. GG has traded 1.1 million shares so far today and trades 5.4 million shares a day on average. GG shares have fallen $5 since last Tuesday. The company has a market cap of 33.33 billion.
Yamana Gold, Inc. (NYSE:AUY) is up 0.13% today at $14.91. AUY has traded 1.1 million shares so far today and trades 7.4 million shares on average. Yamana Gold announced today that its first quarter results will be released on May 1. The company has a market cap of 11.11 billion.
About Martin Stephenson
