Gold prices have begun to stabilize above the $1350 per ounce level while copper also remained high at $4.36 per pound. Gold and copper stocks have been hit hard in the last few days as gold and copper pulled back from their highs. Even as governments around the world continue to print money and demand from China and India for the rare metals overwhelms the supply, profit taking triumphed in the last week.
Quadra FNX Mining (TSE: QUX) was down 3.41% in the last trading session. The company is mainly a copper producer, but also digs gold out of the ground. Quadra recently sold its stake of 56 million shares of Gold Wheaton when the company was taken over by Franco Nevada Gold. The monetary value of the shares was over $262 million. To read the full Quadra FNX report click here.
Yamana Gold (NYSE: AUY) (TSE: YRI) fell to $11.04 on the New York Stock Exchange. The stock has traded relatively sideways for more than a year, and has been unable to reach its highs from the year 2008, when gold prices were much lower. To read the full Yamana Gold report click here.
Barrick Gold Corp (NYSE: ABX) remained flat in the last trading session, closing at $46.95. Barrick is the largest gold company in the world, and also has partnerships with Nova Gold (NYSE: NG) which has one of the largest deposits in North America.
Freeport-McMoRan (NYSE: FCX) fell to $108.40, off from it's high of just over $122 per share. The copper giant recently declared a dividend and gave shareholders a special $1 dividend in the recent quarter.
No comments:
Post a Comment