Teck Resources (NYSE: TCK), Barrick Gold (NYSE: ABX), Lundin Mining (TSE:LUN) Down as Gold Falls in Price

Teck Resources (NYSE: TCK) (TSE:TCK-B), Barrick Gold (NYSE:ABX) (TSE:ABX) and Lundin Mining (TSE:LUN) are all down today as gold prices drop.

Even when gold prices were up earlier in the session, these gold miners struggled, seeming to point to traders taking profits after a nice run last week.

As of 12:50 P.M. EST, gold prices were at $1,225.10, a decline of $6.30 an ounce.

This isn't a surprise to see the profit-taking, and traders are also looking to see if there is going to be a correction in order to catch gold on its temporary way down, if that's the direction it goes.

Gold does have good support either way, and no matter what happens in the short term, it's going to continue its upward climb.

The major question is who is investing at this time, and if it's extended to the regular, small investor. When it does, that's when legitimate concerns over a gold bubble will apply.

Most investors have been institutional investors, and while that continues to be the case, we're not in danger of a gold bubble occuring.

Teck Resources (TSE:TCK-B) was down a little over 9 percent in New York, while Barrick Gold was down in New York by a little over 3 percent. Lundin Mining was off by just under 7 percent in Toronto, all at 1:00 P.M. EST.

NovaGold (AMEX:NG) Positioned for Strong Growth

NovaGold Resources Strong Future

Although the current resources of NovaGold (AMEX:NG) haven't been inspiring to investors, those they hold with future potential definitely are, which is why hedge fund investors John Paulson and George Soros made significant investments in the company.

Total investment from the two hedge funds totaled $175 million, and that doesn't include other investors with interests in the gold miner.

Investors with a long term outlook know the extraordinary value in Novagold, as evidenced primarily from their Donlin Creek and Galore Creek projects, which are considered among the largest of any gold projects in the pending development stage in the world.

Novagold is another undervalued gold mining company with not only the two project mentioned above as part of their future, but others as well.

The company has also made quality partnerships with companies like Barrick Gold (NYSE:ABX) and Teck Resources (TSE:TCK-B), along with the financing deals, showing they have a great plan in place and are getting the right partners and financing to go forward with confidence and success.

Teck Resources (TSE:TCK.B), Centerra Gold (TSE:CG), Eldorado Gold (TSE:ELD) Down on Greek Worries

Teck Resources (TSE:TCK.B),Centerra Gold (TSE:CG) and Eldorado Gold (TSE:ELD) are all down today as concerns over the Greek debt crisis continues to be a major factor in the markets.

Centerrra Gold has the added burden of violence and geo-political problems in Kyrgyzstan, where their flagship mine - Kumtor is located.

This is going to continue to be the story until the Greek crisis resolves itself one way or the other, and will also including lingering doubts about a number of other nations in the European Union.

We'll continue to see gold and the U.S. dollar and yen be choice people go to for safety, and the new realities have investors going back and forth between them.

Gold has rebounded from earlier in the day, and has gained to reach past the $1,150 mark again, which it continues to flirt with.

Tech Resources (TSE:TCK-B), Fronteer Development (TSE:FRG) Drilling in Turkey

Tech Resources and Fronteer Development Joint Venture

Tech Resources (TSE:TCK-B) and Fronteer Development (TSE:FRG) say they are planning to begin drilling in Turkey at the Halilaga project in Turkey, a joint venture between the two companies, with Tech Resources represented by their subsidiary "TMST."

Halilaga includes deposits of gold and copper at the site, and the companies are committing $2.7 million for the drilling program.

Teck Resources is overseeing the project, as they have a stake of 60 percent in the venture.

Drilling is planned to start in June, with an estimate for the first-round resource scheduled near the end of 2010.