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Monday, August 2, 2010

Updates on Freeport-McMoRan (NYSE:FCX), Goldcorp (NYSE:GG) and Yamana (NYSE:AUY)

In line with gold prices today, most gold miners were flat, although diversified miners like Freeport-McMoRan (NYSE:FCX) soared as metal prices in a number of categories surged upwards.

Freeport ended the trading session at $74.80, a nice move of $3.25, or 4.56 percent. Trading volume was down from its three-month average, standing at 13,021,691, down from the average of 16,038,500.

A number of metals rising in price today was behind the move of the share price of Freeport.

Although some gold miners were able to escape the relatively flat gold price today, although it did manage to rise to the fourth straight day. Most of that has been incremental and not big moves, suggesting caution in the midst of unjustified equity euphoria.

Goldcorp (NYSE:GG)(TSE:G) and Yamana Gold (NYSE:AUY) were among those who remained level, and in their case were down slightly at the end of the day.

Goldcorp finished the day at $39.06, falling $0.8, or 0.20 percent.

Yamana Gold dropped $0.05, or 0.53 percent, ending the day at $9.37 a share. Volume for Yamana was close to half of what it normally is, reflecting investors' migration to equities for now.

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