AMEX:NG

Gold Up as Dollar Falls on Fed Statement. Gold Stocks to Watch

Gold pricesGold 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%. [Read more...]

Gold Prices Up Slightly on Housing Data. Gold Stocks to Watch: KGC, ABX, NG, EGO, AUY, NEM, GG, JAG

Gold pricesLackluster housing data is giving gold bulls a renewed sense of hope for QE3. While the FOMC meetings that start today are not expected to be implicit in their support for further stimulus, analysts are thinking members will be dovish towards it.

Central bank buying of gold should help firm up the prices as gold bulls wait for any indication of a renewed QE policy. Demand for for gold also ticked up for gold thanks to an Indian festival.

The spot gold price is currently up just over $5 to $1643 per ounce. [Read more...]

Gold Prices Stabilize on Weak Jobs Report, Gold Stocks to Watch

Gold pricesAfter trading without direction for the past few weeks, it may be that Gold investors got the catalyst they wanted. An underwhelming jobs report. With the market closed last Friday for the Easter holiday, the market got its first chance to react this morning. and react it has. The broader markets are tumbling, while gold prices trend higher.

One event to watch closely is a scheduled speech by Ben Bernanke in Georgia this evening. One has to wonder if the QE3 carrot will be dangled a bit closer after the jobs report and the negative reaction on wall street.

Gold prices are currently up just over $15 to $1,646 per ounce. [Read more...]

Gold Prices Get the Bernanke Bump, Gold Stocks to Watch

Gold pricesNothing is music to a gold bull’s ears like the sound of QE3. Ben Bernanke’s speech yesterday on the need for more stimulus shook gold out its slump. Bernanke’s chief concern was over the actual strength of the labor market. His worry is that demand will temper any labor growth in the coming quarters.

One sector of demand that will not fall given his comments is gold. It pretty much feeds the thesis of noted gold bulls like Max Keiser and Marc Faber that this is central planning run amok. As of now gold prices are trying to break back above the $1700 per ounce.

Gold is currently trading $6 higher at $1,692.20. [Read more...]

Gold Prices Stick Saved By Bernanke, Gold Stocks to Watch

Gold pricesNever 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. [Read more...]

Early Morning Gainers: TSRA, NG, PEIX, PCRX, GMCR

The markets opened down today as Europe continues to weigh heavily on the markets. Signs that the euro debt crisis is spreading showed up today as the yield spread of 10-year French bonds over the German ones reached a euro-era high. The crisis has global reach as the Bank of Japan Governor, Masaaki Shirakawa, said the euro debt crisis is affecting Japan in multiple ways.

On the commodities side, oil prices hit $100 today and are currently trading at 101.43. This is ironic since the consumer price index dropped slightly in October and was attributed to lower gas prices. That won’t last long if oil prices continue higher.

Let’s take a look at a few companies bucking the overall down market trend.

Tessera Technologies Inc. (NASDAQ:TSRA) is up $3.14 at $17.61, a gain of 21.7% this morning. Earlier today, Tessera said Samsung extended its patent licensing agreement with the company through May 2017. TSRA has traded 1.3 million shares this morning, nearly triple its daily average volume. Tessera Technologies has a current market cap of 917.27 million.

NovaGold Resources Inc. (AMEX:NG) is up 12% this morning at $9.87. NovaGold announced a new CEO today and also announced billionaire, Thomas Kaplan, will become the company’s chariman. This is the one bright spot in gold today as gold prices are trading lower this morning. NG has traded 2.5 million shares so far today and should have no problem beating its daily average volume of 3.1 million shares. The company has a current market cap of 2.37 billion.

Pacific Ethanol, Inc. (NASDAQ:PEIX) is up 16.54% today at $1.55. Pacific Ethanol announced today it has retired in full its $35 million senior convertible notes on Nov. 15. As of Nov. 15, the company has 77.5 million outstanding shares. PEIX has traded 10.9 million shares this morning, already double its daily average. The company has a current market cap of 112.57 million.

Pacira Pharmaceuticals Inc. (NASDAQ:PRCX) is up 9.74% this morning at $7.55. The company announced the pricing of its public offering of 7 million shares at $6.50/share. PRCX has traded 1.6 million shares this morning, well above its daily average volume of 168 thousand shares. Pacira has a current market cap of 134.38 million.

Green Mountain Coffee Roasters Inc. (NASDAQ:GMCR) is up 6% at $50.43. GMCR is trying to bounce back after dropping from $70 to $40 in one day following poor earnings. GMCR has traded 6.3 million shares today and will beat its daily average of 7 million shares. The company has current market cap of 7.81 billion.

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