Friday, July 2, 2010

Barrick (NYSE:ABX), Goldcorp (NYSE:GG), Newmont (NYSE:NEM) All Glad Down Week is Over

Barrick Gold (NYSE:ABX), Goldcorp (NYSE:GG) and Newmont Mining (NYSE:NEM) were all down again the last week, as gold struggled to find support with conflicting economic reports having investors moving from Treasury's to gold during the week as they fled to safe havens.

Gold prices for the week ended at $1,211.30, finishing the Friday session up $11.90.

Only Barrick benefited of the three gold mining giants on the day from that upward movement in gold prices, increasing slightly to $43.24, gaining $0.14, or 0.32 percent, although they were still way down for the last 5 trading days.

Goldcorp didn't fare as well Friday, dropping to $41.40, a loss of $0.27, or 0.65 percent. Goldcorp was also down significantly in the last week.

Newmont has been doing fairly well on the week until the bottom fell out of gold prices on July 1, when they plummeted by over $4 a share. They had been level until then. They ended the week and Friday at $58.76 a share, down $0.23 on the day, or 0.39 percent.

I expect the week after the Fourth of July weekend in the U.S. to rebound for gold prices in general, and these three major gold miners. We'll see if that is true.

But with most economic data now in, there's not too much going forward in that regard which will push prices down that we don't already know.

In other words, there shouldn't be any surprises. But we'll see.

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