Gold Stocks Surge as Precious Metal Prices Hit Three Month High: Today’s Reports on Barrick Gold and Yamana 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 Some Top Gold Miners

Barrick Gold’s shares gained 2.59 percent to close at $19.42 a share on Monday. The stock traded between $18.96 and $19.42 on volume of 12.25 million shares traded. On January 25th, the company reported preliminary full-year gold production of 5.52 million ounces for 2016, which is at the high end of the company’s guidance of 5.25 to 5.55 million ounces. Barrick Gold is scheduled to release results for the fourth quarter and full year 2016 on Wednesday, February 15th.

“Our portfolio delivered progressively stronger performance over the course of 2016 as we focused on driving improvements in productivity and efficiency across our operations,” said Barrick President Kelvin Dushnisky. “Through the acceleration of Best-in-Class initiatives, we are driving down costs, expanding margins, and maximizing free cash flow across the portfolio. This will remain a focus in 2017 as we target step changes in performance.”

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Yamana Gold shares spiked 5.0 percent to close at $3.57 a share on Monday. The stock traded between $3.40 and $3.59 on volume 12.91 million shares traded. The company reported preliminary production of approximately 1.27 million ounces of gold, 7.0 million ounces of silver and 116 million pounds of copper for the full year 2016. Total cost of sales per ounce of gold sold was approximately $1,011, with cash costs and all-in sustaining cash costs (AISC) per ounce of gold produced of approximately $666 and $914, respectively.

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

Barrick Gold Corporation (NYSE: ABX)

Yamana Gold Inc. (NYSE: AUY)

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