Gold is stuck in a range as it waits for the FOMC statement at 12:30pm. Gold bulls are hoping for some sort of indication that the Fed is open to a new round of QE. With weakening macro data and the UK double dipping the hawkish tone that many expect may be a bit softer and open to further stimulus.
The Fed will also release its guidance on where it sees the economy and labor market heading. Their employment read may be a bit outdated because of the recent weakening in the jobs numbers. Late last year it was 200k+ a month but recently those numbers have been slipping southward. Gold bulls have plenty to look forward to and be a bit nervous about over the short-term.
Currently gold spot prices are down modestly, off $1.50 an ounce to $1640.00
Gold Stocks
Yamana Gold, Inc. (NYSE:AUY) is up 0.49% this morning at $14.09. AUY has traded 906 thousand shares so far today and trades 7.6 million shares a day on average. AUY shares have been trading slightly higher this week by about $0.20 a share. The company has a market cap of 10.53 billion.
SPDR Gold Shares (NYSEARCA:GLD) is down 0.06% in early trading at $159.19. GLD has traded just over a million shares today and trades 12.2 million shares a day on average. GLD has been trading between $159 and $160.
Barrick Gold Corporation (NYSE:ABX) is up 0.30% today at $39.73. ABX has traded 900 thousand shares this morning and trades 7.7 million shares a day on average. ABX shares have fallen about $1 a share since last Thursday. The company has a market cap of 39.57 billion.
Kinross Gold Corporation (NYSE:KGC) is up 0.56% this morning at $8.90. KGC has traded 1.03 million shares today and trades 9.1 million shares a day on average. KGC shares have fallen $0.40 a share in the past five trading sessions. The company has a market cap of 10.10 billion.
AuRico Gold Inc. (NYSE:AUQ) is up 1.86% today at $8.23. AUQ has traded 554 thousand shares this morning and trades 2.2 million shares a day on average. AUQ shares have dropped steadily over the past week from $8.90 to below $8.10 yesterday. The company has a market cap of 2.29 billion.
Goldcorp Inc. (NYSE:GG) is up 0.54% in early trading at $40.68. GG has traded 657 thousand shares so far today and trades 5.4 million shares a day on average. GG shares are bouncing back the past two days after it took a big hit on Monday when it fell from $41.50 to nearly $39.50. The company has a market cap of 32.78 billion.
Newmont Mining Corp. (NYSE:NEM) is up 0.80% this morning at $46.73. NEM has traded 644 thousand shares so far today and trades 7.1 million shares a day on average. NEM has bounced slightly after hitting a new 52 week low of $45.22 on Monday. The company has a market cap of 22.97 billion.
Gold Fields Ltd. (NYSE:GFI) is up 1.29% today at $12.60. GFI has traded 550 thousand shares so far today and trades 3.6 million shares a day on average. GFI shares are have traded between $12.20 and $12.70 over the past five days. The company has a market cap of 9.08 billion.
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