Saturday, June 26, 2010

Goldcorp (NYSE:GG) Struggles, Ending the Week Level

Even though Goldcorp (NYSE:GG) continues to be among the cost leaders in producing gold, they seemed to have lost some of their luster after Newmont Mining (NYSE:NEM) bypassed them in that distinction, and they've been struggling some since the middle of May, with their share price going nowhere during that time, even though gold prices have reached record levels.

They've of course had a great 12 months, and that isn't going to stop them from performing well. It just seems some of their former mojo has left them since Newmont became the cost leader, and by a huge amount. Newmont is able to produce at $241 an ounce, while Goldcorp stands at $325.

This isn't a negative toward Goldcorp, but rather a positive towards Newmont.

Gold prices ended the week with a strong push, they weren't able to move up like Barrick (NYSE:ABX) and Newmont were able to.

Goldcorp ended the week at $45.42, gaining $1.21, or 2.74 percent on the day.

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