A surge in gold mining stocks more than offset a disappointing earnings report from McDonald’s to lift U.S. markets higher Monday. Gold prices spiked $38.60, or 3 percent, to $1,331 an ounce Monday, the highest level in a month. Prices for the precious metal from the beginning of the year through July 19th have fallen approximately 23 percent on concerns of monetary easing. “Bernanke’s statement has a put a bid under gold,” Bart Melek, head of commodities strategy at TD Securities, said in a telephone interview according to Bloomberg. “Also, the weak housing data confirms the fact that stimulus is here to stay for some time.”
Compania de Minas Buenaventura SA (NYSE: BVN) shares traded in the range of $13.95 to $14.57 Monday before settling to close at $14.18, an increase of 4.65 percent. The stock appears to be facing some resistance at the $15.22 and $16.42 levels with some support at $13.85. Shares of Buenaventura have fallen approximately 60.0 percent in 2013.
More information on Buenaventura and access to the free equity report can be found at:
www.WallStreetFundamentals.com/BVN
Goldcorp Inc. (NYSE: GG)(TSX: G) shares traded in the range of $28.26 to $29.29 Monday before settling to close at $28.91, an increase of 5.78 percent. The stock appears to be facing some resistance at the $30.09 and $31.00 levels with some support at $28.41. Shares of Goldcorp have fallen approximately 21.2 percent in 2013.
More information on Goldcorp and access to the free equity report can be found at:
www.WallStreetFundamentals.com/GG
Newmont Mining Corp. (NYSE: NEM) shares traded in the range of $29.75 to $30.68 Monday before settling to close at $30.35, an increase of 5.79 percent. The stock appears to be facing some resistance at the $32.10 and $33.85 levels with some support at $29.00. Shares of Newmont Mining have fallen approximately 34.6 percent in 2013.
More information on Newmont Mining and access to the free equity report can be found at:
www.WallStreetFundamentals.com/NEM
Royal Gold, Inc. (NASDAQ: RGLD)(TSX: RGL) shares traded in the range of $47.10 to $49.67 Monday before settling to close at $48.98, an increase of 7.22 percent. The stock appears to be facing some resistance at the $52.51 and $55.79 levels with some support at $47.29. Shares of Royal Gold have fallen approximately 39.8 percent in 2013.
More information on Royal Gold and access to the free equity report can be found at:
www.WallStreetFundamentals.com/RGLD
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