Commodities & Metals
Gold Rises, But What About Gold Stocks? (ABX, NEM, NG, VGZ)
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Gold prices have risen more than $100/ounce in the past two weeks, but this has done little for many of the larger gold companies. We took a look at Barrick Gold Corporation (NYSE:ABX), NewmontMining Corporation (NYSE:NEM), Novagold Resources Inc. (AMEX:NG), and Vista Gold Corporation (AMEX:VGZ).
Gold topped out at more than $911/ounce on the NYMEX today. The pricerise is attributed to the weakening dollar, which is driving investorsto a safe haven.
BarrickGold Corporation (NYSE:ABX) is down more than 2% and Newmont MiningCorporation (NYSE:NEM) is down more than 1%. Some small-cap gold minersare enjoying a big jump today. Novagold Resources Inc. is up more than19% (AMEX:NG) and Vista Gold Corporation (AMEX:VGZ) is up about 17%.
The jump in the small caps is probably because they’rejust not as well-known as the big guys. Neither Barrick nor Newmont islikely to surprise to the upside, but Novagold and Vista both trade atlow share prices and volumes are up by about a third today. Littlerisk, potentially good reward. Seems like a good bet for today.
Paul Ausick
January 26, 2009
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