A Quick Look at Mining Stocks for May 7

Gold and silverSilver and gold prices are taking a hit this morning as investors wait for the full outcome of the Greek elections. As it stands right now the pro-bailout parties do not have enough seats to secure a ruling coalition. In France, Sarkozy was defeated by the socialist candidate Hollande. Parliamentary elections are quickly approaching in France so it will be interesting to see how the full government shakes out.

The broader market is trying to temper early losses with the Dow down 49. The Nasdaq is off 5 and the S&P is down 3.

The current silver spot price is down 39 cents to $29.95. Gold prices are off nearly $6 to $1636.60 per ounce. Most investors are going to take a wait and see approach to see how the Sunday’s elections shake out. [Read more...]

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 Wait For the FOMC Statement. Gold Stocks: AUY, GLD, ABX, KGC, AUQ, GG, NEM, GFI

Gold pricesGold 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 Their employment read may be a bit outdated because of the recent weakening in the jobs numbers.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 [Read more...]

Gold Prices Surrender Gains as Fed-Induced Rally Wanes, Gold Stocks to Watch

Gold pricesGold 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. [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 Look to Recover After Steep Loss, Gold Stocks to Watch

Gold pricesAfter the drubbing they took yesterday, gold prices have perked up a bit this morning as investors look to see if they can find the floor in the metal. Short sellers coming in to cover ahead of the long weekend are also helping bolster gold prices.

The labor picture today shows that QE3 may be a bit further off than gold bulls would like. All depending on the unemployment rate, the Fed meeting in late April may be a disappointment for those looking for gold to renew its push higher.

The one outlier that could be the gold price savior is Europe. They seem to be unable to solve the crisis over their sovereign debt. They have the kicking the can down the road down to an art-form but one day they may miss the kick or act too slow. That could be the catalyst that brings gold back to the forefront. Definitely something to watch in the coming months. [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...]

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