Gold approaches $700, Review the Stocks
Submitted by John Darcy on Thu, 10/23/2008 - 12:49.
Gold can't even catch a break in this market thanks to the global selloff in commodities and the gold companies are feeling it worse, but could there be bargains in the bunch?
Pick a Gold analyst at random and you'll find both bulls and bears regarding the outlook and price of gold, its a mixed bag forecast.
What can't be questioned is that gold is rapidly approaching the $700 level. We haven't seen gold at these prices since last year before the huge run all the way up $1,000 an ounce back in March.
If there is any merit or belief that gold is still a classic inflation play, then its time to review the biggest and best gold stocks out there, by market cap, here's the top 10:
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| Anglo American plc (ADR) | 9.61 | -0.53 | -5.23 | 25.30B | 3.62 | 25,470.00 | 5,260.00 | ||||||||
| Barrick Gold Corporation (USA) | 19.19 | -0.98 | -4.86 | 16.73B | 9.01 | 6,332.00 | 1,110.00 | ||||||||
| Goldcorp Inc. (USA) | 15.93 | -0.82 | -4.90 | 11.35B | 23.26 | 2,206.80 | 238.40 | ||||||||
| Newmont Mining Corporation | 23.72 | -1.03 | -4.16 | 10.77B | 316.86 | 5,526.00 | -963.00 | ||||||||
| Kinross Gold Corporation (USA) | 8.34 | -0.74 | -8.15 | 5.13B | 16.42 | 1,093.00 | 315.40 | ||||||||
| AngloGold Ashanti Limited (ADR) | 15.00 | +0.06 | 0.40 | 4.23B | - | 3,095.00 | -816.00 | ||||||||
| Agnico-Eagle Mines Limited (USA) | 25.26 | -0.59 | -2.28 | 3.63B | 31.61 | 461.44 | 139.34 | ||||||||
| Gold Fields Limited (ADR) | 5.18 | +0.23 | 4.65 | 3.38B | 5.89 | 3,165.00 | 597.70 | ||||||||
| Compania de Minas Buenaventura SA (ADR) | 11.59 | -1.07 | -8.45 | 2.95B | 10.58 | 786.43 | 225.46 | ||||||||
| Yamana Gold Inc. (USA) | 3.86 | -0.11 | -2.80 | 2.70B | 12.63 | 747.09 | 110.30 | ||||||||
Its no secret that gold has dropped due to the strong performance of the U.S. dollar in the past few months.
However since the U.S. is throwing money left and right to 'fix' the credit crisis and issues underlying the U.S. Financial institutions, how much longer can the dollar continue to run?
Is it reasonable to assume the dollar will continue its bullish run while trillions of dollars have been given to our U.S. banks yet they continue to be reluctant to lend?
Gold may not be a safe investment these days, but the cheaper the gold stocks go, the better value they become for the investor trying to recover their portfolio.
Disclaimer: No positions in any of the securities mentioned in this publication.
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