Gold stocks slumped Tuesday as prices for the precious metal dropped below $1,300 an ounce, a two month low. Gold prices were pressured as investors moved from commodities to lower risks assets such as cash on concerns of a U.S. government shutdown. "I think the safe haven, believe it or not, is cash," said Senior Commodities Broker Bob Haberkorn from RJO Futures. "Gold is not acting like the safe-haven device that it historically has. ... Cash makes people feel comfortable." The Market Vectors Gold Miners ETF (NYSEARCA: GDX) declined 2.63 percent, while the Market Vectors Junior Gold Miners ETF (NYSEARCA: GDXJ) fell 3.14 percent.
Compania de Minas Buenaventura SA (NYSE: BVN) shares traded in the range of $11.31 to $11.61 Tuesday before settling to close at $11.53, a decrease of 1.54 percent. The stock appears to be facing some resistance at the $12.55, $14.52 and $15.21 levels. Shares of Buenaventura have fallen approximately 68.0 percent in 2013.
More information on Buenaventura and access to the free equity report can be found at:
www.WallStreetFundamentals.com/BVN
Randgold Resources Ltd. (NASDAQ: GOLD) shares traded in the range of $69.17 to $70.75 Tuesday before settling to close at $70.48, a decrease of 1.47 percent. The stock appears to be facing some resistance at the $71.21 and $72.16 levels with some support at $69.92. Shares of Randgold Resources have fallen approximately 29.0 percent in 2013.
More information on Randgold Resources and access to the free equity report can be found at:
www.WallStreetFundamentals.com/GOLD
Gold Resource Corporation (NYSEMKT: GORO) shares traded in the range of $5.90 to $6.54 Tuesday before settling to close at $5.92, a decrease of 10.51 percent. The stock appears to be facing some resistance at the $6.99, $7.26 and $7.98 levels. Shares of Gold Resource have fallen approximately 62.0 percent in 2013.
More information on Gold Resource and access to the free equity report can be found at:
www.WallStreetFundamentals.com/GORO
NovaGold Resources Inc. (NYSEMKT: NG)(TSX:NG) shares traded in the range of $2.21 to $2.31 Tuesday before settling to close at $2.27, a decrease of 2.16 percent. The stock appears to be facing some resistance at the $2.39 and $2.61 levels with some support at $2.21. Shares of NovaGold Resources have fallen approximately 50.0 percent in 2013.
More information on NovaGold Resources and access to the free equity report can be found at:
www.WallStreetFundamentals.com/NG
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