Shining Bright in an Unstable Gold Market
2016年9月16日 - 09:16PM
JCN Newswire (英)
NEW YORK, NY, Sept 16, 2016 - (ACN Newswire) - Gold prices went
through a week of uncertainty due to mixed economic data. First
there were weak retail sales data, which led gold prices to surge,
yet investors remained uncertain how the data will affect the
upcoming decision of the Federal Reserve on September 20-21. There
is a possibility that strong jobs and the increase in household
income data will overshadow disappointing retail sales, giving the
Fed enough encouragement to raise interest rates. The U.S Dollar
has slightly increased in value, and as a result, gold prices
dropped Thursday, yet remained strongly positioned in their
expected range. Brazil Resources Inc. (TSX-V: BRI), Market Vectors
Junior Gold Miners ETF (NYSEARCA: GDXJ), Market Vectors Gold Miners
ETF (NYSEARCA: GDX), Barrick Gold Corporation (NYSE:ABX), Eldorado
Gold Corp (NYSE:EGO)
The technical chart shows gold prices fluctuating from the $1,310
per ounce and high $1,360 per ounce over a period of three months.
Gold prices touched $1,319 per ounce on Thursday and continued to
look unstable.
Despite the slight decline, some companies remain strong performers
in the gold sector despite the current pressure of the FOMC meeting
next week. Both Market Vectors Junior Gold Miners ETF (NYSEARCA:
GDXJ) and the Market Vectors Gold Miners ETF (NYSEARCA: GDX) have
remained stable, and slightly gained Thursday, ignoring the drop in
gold prices, proving that demand for safe heaven assets remains
strong.
Shares of Brazil Resources Inc. (TSX-V: BRI) up more than 8%
Thursday after the company announced the results of a National
Instrument 43-101 mineral resource estimate for Titiribi
Gold-Copper located approximately 70 kilometres southwest of the
city of Medellin, Colombia. After examination of the resource, the
company indicates that inclusion of this resource estimate
increases the company's measured and indicated resource to 7.8 Moz
gold (10.4 Moz gold equivalent) and our inferred resource to 10.3
Moz gold (12.6 Moz gold equivalent). After the news, Cantor
Fitzgerald Canada Equity Research updated their target price and
maintains a current Buy Recommendation.
Brazil Resources Inc. (TSX-V: BRI) is mineral exploration company
with a focus on the acquisition, exploration and development of
projects in Brazil, United States, Canada and other regions of the
Americas. On September 1st the company announced it has completed
the acquisition of Sunward Investments Limited, which owns 100% of
the Titiribi Gold-Copper Project, located in central Columbia.
Barrick Gold Corporation (NYSE:ABX) has announced plans to reduce
costs an increase productivity through a partnership with Cisco
Systems. The gold producer will incorporate digital technology in
all aspects of its mining business, which will help it to achieve
its goals. Shares of the company remained stable despite fears of a
potential rate hike. The stock increased in value by 141% year to
date.
Shares of Eldorado Gold Corp (NYSE:EGO) up more than 3% over the
week after the company was upgraded by Bank of America from an
underperform rating to a buy rating. Bank of America Corp.
currently has $5.00 price target on the stock.
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