Gold Miners Up, ETFs (GLD, GDX) Follow Suit
November 25, 2009 1:41 PM
Gold stocks that are gaining today include Goldcorp, Inc., (NYSE: GG), the largest producer of gold in Canada, whose shares are up $0.72, to $44.12. The company, which updated its 2009 mining exploration program in a press release yesterday, indicated that its program has been successful.
“The ability to grow organically is a key strategic attribute of Goldcorp, and the high quality of our operations and development projects makes that organic growth possible,” said Goldcorp President and Chief Executive Officer Chuck Jeannes.
“The broad-based exploration success we are experiencing is a direct result of an asset portfolio that is young, long-lived and highly prospective. This combination of very low finding costs for new gold ounces with the lowest cash operating costs in the industry translates into outstanding leverage to gold prices for our shareholders,” Jeannes.
Many mining stocks are in the green today, including Barrick Gold Corp. (NYSE: ABX), up $0.75 or 1.74%, to $43.77; Newmont Mining Corp., (NYSE: NEM), up $1.17 or 2.19% to $54.52; and Harmony Gold Mining Co. Ltd. (AMEX: HMY), up 4.39% or $0.47 to $11.17.
The SPDR Gold Trust (ETF) (NYSE: GLD) is trading at $116.27, up $1.54. The exchange traded fund that tracks the miners, the Market Vectors Gold Miners (ETF) (NYSE: GDX) is up $1.11, to $52.56
