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Commodities & Metals

A Few Lagging Gold Names (GDX, NXG, EGI, GRZ)

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By Douglas A. McIntyre Updated Published

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With gold totally breaking out of the old power-band, it is interesting that a few players are still lagging the pack.  Many of these stocks are up 7% and closer to 10% now that many feel the $1,000.00 mark may become the new floor for gold.  To show how strong the group is with gold over $1,040.00, the Market Vectors Gold Miners ETF (NYSE: GDX) is up over 6% at $47.20.  We’d also make note that these are small AMEX shares and most have dual listings elsewhere.  We of course screened out all OTC and Pink Sheet stocks in this search today.

Northgate Minerals Corp. (AMEX: NXG) is up 3.7% at $2.78.  This is just one of the smaller players and it hasn’t exactly been left out of the mix as it has traded twice its normal volume: 5,281,667 vs. 2,375,400.  It is probably a bit sad when “only a 3.7% gain” is still lagging the pack.

Entree Gold Inc. (AMEX: EGI) is actually down today after a news release that it “welcomes the signing of the investment agreement between our joint venture partner, Ivanhoe Mines (NYSE: IVN), our largest shareholder Rio Tinto (NYSE: RTP) and the Mongolian government.  This one is down 4.3% at $2.85, but trading volume is above normal here too: 614,413 vs. 254,700.

Gold Reserve Inc. (AMEX: GRZ) is down almost 1% but this is also because of such a low share price and a discrepancy between the bid and ask.  Shares are more active here as well: 277,179 vs. 140,282.

JON C. OGG
OCTOBER 6, 2009

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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