Gold Miners Trending Upwards in 2017 as Gold Prices Continue to Rise: Today’s Reports on Goldcorp and Kinross Gold

NEW YORK, NY / ACCESSWIRE / February 7, 2017 /
Investors have historically flocked to gold as a safe haven in times of economic uncertainty. The recent uncertainty created by President Trump’s travel ban and other executive orders has seen investors turn to gold for their investment needs. Prices for the precious metal are up roughly 7 percent year-to-date, compared to gains of 1.47 percent and 2.4 percent for the Dow Jones Industrial Average and the S&P 500 Index. Gold prices surged 2.4 percent last week, which was the largest gain since the week of June 10th, 2016, according to data from Dow Jones.

On Monday, the Market Vectors Gold Miners ETF and Market Vectors Junior Gold Miners ETF posted gains of 3.67 percent and 7.72 percent, respectively, as gold futures reached their highest settlement in nearly three months. Gold for April delivery gained 0.9 percent to close at $1,232.10 a troy ounce on the Comex division of the New York Mercantile Exchange, which was the highest settlement since Nov. 10th.

President Donald Trump “has talked down the dollar, but there is still a lot of uncertainty [regarding] what he will do to drive the dollar lower,” said Naeem Aslam, chief market analyst at ThinkMarkets. “But given the latest jobs report and Trump’s stance, it is highly unlikely that we would see another rate hike anytime soon,” he said. “This could be good news for [gold] traders.”

Let’s Take a
Closer Look at Today’s Trending Tickers

Goldcorp’s shares gained 3.32 percent to close at $16.82 a share on Monday. The stock traded between $16.29 and $16.82 on volume of 7.45 million shares traded. The Company reported preliminary gold production of 761,000 ounces and 2,873,000 ounces for the fourth quarter and full year of 2016.All-in sustaining costs (AISC) are expected to be at the low end of the original guidance range of between $850 and $925 per ounce for the full year 2016. The Company expects to produce approximately 2.5 million ounces (+/- 5%) of gold in 2017 and it expects $850 per ounce (+/- 5%) in all in sustaining cost for production in 2017. The company will release its financial result on February 15.

“Goldcorp achieved production and all-in sustaining cost guidance as we re-oriented the business model in 2016,” said David Garofalo, President and Chief Executive Officer of Goldcorp. “Significant changes have been undertaken to focus the company on growing net asset value per share. The changes have resulted in a renewed growth strategy where we expect over the next five years to achieve 20% growth in gold production, 20% growth in gold reserves and a 20% reduction in our all-in sustaining costs.”

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Kinross Gold shares spiked 4.85 percent to close at $4.11 a share on Monday. The stock traded between $3.92 and $4.12 on volume 9.82 million shares traded. Kinross is tracking towards the lower half of its 2016 guidance range for production (2.7 – 2.9 million Au eq. oz.), and the upper half of its guidance range for production cost of sales ($675 – $735 per Au eq. oz.) and all-in sustaining cost ($890 – $990 per Au eq. oz.), according to the company’s third quarter earnings press release. The company is scheduled to release results for the fourth quarter and full year 2016 and 2017 guidance on February 15th.

Access Today’s Kinross Gold Research Report
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Today’s Features Includes:

Goldcorp Inc. (NYSE: GG)

Kinross Gold Corporation (NYSE: KGC)

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