Gold is up this morning and is currently trading at $1,653.00. Gold took a hit yesterday after the Fed gave no hints of any further quantitative easing, but quickly rebounded due to weakness in the dollar. The dollar hit a three week low against the euro this morning in response to yesterday’s Fed statement.
The Fed reiterated that interest rates will probably not rise until at least late 2014. The Fed also increased its economic growth outlook to 2.4-2.9%.
Gold Stocks
SPDR Gold Shares (NYSEARCA:GLD) is up 0.52% this morning at $160.43. GLD has traded 1.1 million shares so far today and trades 11.9 million shares a day on average. GLD shares are up $1 a share over the past week.
Goldcorp Inc (NYSE:GG) is down 5% in early trading at $39.00. GG is trading heavy volume today with 2.6 million shares traded and trades 5.4 million shares a day on average. GG shares are tumbling today as the company releases weak earnings. Goldcorp missed EPS estimates by $0.05 and also missed on revenues. The company is blaming its poor earnings on a setback at its Ontario mine. The company has a market cap of 31.72 billion.
Kinross Gold Corporation (NYSE:KGC) is up 0.67% this morning at $9.06. KGC has traded 1.2 million shares so far today and trades just over 9 million shares a day on average. KGC shares are up more than $0.30 a share from its low of around $8.70 on Monday. The company has a market cap of 10.29 billion.
Barrick Gold Corporation (NYSE:ABX) is down 0.08% in early trading at $39.94. ABX has traded 1.1 million shares so far today and trades 7.6 million shares a day on average. Barrick Gold announces sale of its shareholding in Highland Gold Mining for total gross proceeds of around $130 million. The company has a market cap of 39.69 billion.
NovaGold Resources Inc. (AMEX:NG) is down 1.52% this morning at $7.13. NG has traded 722 thousand shares in early trading and trades 4.2 million shares a day on average. NG shares have jumped as much as $0.80 a share this week. The company has a market cap of 1.97 billion.
Yamana Gold, Inc. (NYSE:AUY) is up 0.34% today at $14.60. AUY has traded 825 thousand shares this morning and averages 7.5 million shares daily. AUY shares have jumped nearly $1 a share this week. The company has a market cap of 10.92 billion.
Newmont Mining Corp. (NYSE:NEM) is up 0.17% today at $47.58. NEM has traded 908 thousand shares so far today and trades just over 7 million shares a day on average. NEM shares have jumped $2 a share so far this week. The company has a market cap of 23.42 billion.
Gold Fields Ltd. (NYSE:GFI) is up 0.90% this morning at $12.93. GFI has traded 687 thousand shares in early trading and trades 3.5 million shares a day on average. GFI shares have jumped about $0.70 a share so far this week. The company has a market cap of 9.33 billion.
Eldorado Gold Corp. (NYSE:EGO) is up 1.41% this morning at $14.18. EGO has traded 558 thousand shares so far today and trades 4.1 million shares a day on average. EGO shares have rallied more than $1 a share this week. The company has a market cap of 7.78 billion.
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