Friday, June 22, 2012

Newmont (NEM) (GG) (EGO) Trade Mixed as Economic Uncertainty Continues

Shares of Newmont Mining (NEM), Goldcorp (GG) and Eldorado Gold (EGO) were trading mixed today as the price of gold moved slightly positive and negative on the day, with fears continuing to affect the markets.

Many gold miners, including the above-mentioned three, started June off with a bang, as the gold miners started to catch up some with the price of gold, which they have been lagging for some time.

The miners took a hit the last couple of days on news there would be no quantitative easing in the near future, although so-called "Operation Twist" was extended.

So investors chose to place their money in U.S. dollars, as safety is the primary thing on their minds at this time, even though the U.S. dollar is a very flawed and weak currency itself.

Once the Federal Reserve announced little would be done to aid the economy, investors were forced to sell their gold to cover their losses.

The reason gold isn't plummeting in price is because the market still believes there will be another round of quantitative easing. It's only a matter of when, most believe, not if.

With the commitment by the Fed to wait until 2014 at minimum before boosting interest rates, any type of stimulus would send the price of gold, along with other commodities, soaring, as the dollar would drop in value and people would look for protection against inflation.

While it's highly probable the Fed could add stimulus to the economy, it has done virtually nothing in the recent past, and adding hundreds of billions to the national debt while doing nothing to help is something even Ben Bernanke appears slow to want to implement.

The other side of the argument is the extremely weak American economy, the sovereign debt crisis in Europe, the high unemployment in the U.S., and the ongoing weakness in the Chinese economy. All of that is what investors and economists look at when being almost certain more stimulus is in the near future.

Then you have to consider the presidential election in the U.S., as well as other national elections around the world to ascertain the liklihood of more quantitative easing.

In China its factory segment contracted for the eigth month in a row, as did the business sector in the euro zone for the fifth straight month, while the manufacturing sector in the United States dropped to its lowest level in almost a year.

Just as the price of gold has been flittering back and forth at a flat level, so has the share price of Newmont Mining (NEM), Goldcorp (GG) and Eldorado Gold (EGO), which were slightly down and up during the trading day.

Eldorado Gold was trading at $12.35, up $0.10, or 0.82 percent, as of 3:43 PM EDT. Goldcorp was at $37.04, down $0.13, or 0.35. Newmont was trading at $47.98, gaining $0.18, or 0.38 percent.


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