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A Gold Star For Goldcorp's Earnings, ETF Play: (GDX)
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Posted on 11/04/09 at 8:26pm by The ETF Professor
Goldcorp (NYSE: GG), the world's second-largest gold miner by market value, said third-quarter earnings fell 62% to 19 cents a share, still good enough to beat Street estimates of 16 cents a share and boosted guidance for 2009 production could give the shares a jolt on Thursday.
Goldcorp upped its 2009 gold production forecast to 2.4 million ounces from 2.3 million, and reduced its cost-per-ounce guidance to about $300 on a byproduct basis, down from its previous $345.
The ETF Professor recommends the Market Vectors Gold Miners ETF (NYSE: GDX) as the ETF to watch on the back of Goldcorp's earnings report. Goldcorp is the second-largest constituent in GDX. The ETF has been on fire, adding more than 9% in the past five sessions and the Goldcorp news could lift GDX higher yet again.
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