Barrick Gold and Kinross Gold on the Rise as Gold Prices Touch a 1 Month High

NEW YORK, NY / ACCESSWIRE / January 6, 2017 / Precious metals miners surged Thursday as a weakening dollar pushed gold prices to a 1 month high. Gold for February delivery gained 1.4 percent on Wednesday to close at $1,181.30 a troy ounce on the Comex division of the New York Mercantile Exchange. Gold prices are up approximately 2 percent year-to-date. Silver for March delivery gained 0.5 percent on Wednesday to close at $16.637 a troy ounce. On Thursday, the Market Vectors Gold Miners ETF (GDX) gained 5.84 percent and is up approximately 10.9 percent year-to-date.

“January is more often than not a positive month for gold and this may well happen again,” said David Govett, head of precious metals trading at Marex Spectron Group Ltd. in London. Yet, “we are governed by the greenback and this will dictate the direction regardless of sentiment and history.”

Barrick Gold Corporation (NYSE: ABX)

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Barrick Gold shares spiked 5.91 percent to close at $17.37 a share Thursday. The stock traded between $16.76 and $17.50 on volume of 26.86 million shares traded. The company is expected to release results for the fourth quarter of 2016 on February 15, 2017, a conference call and webcast is scheduled on February 16 at 9:00 am ET.

Barrick Gold reported net earnings were $175 million ($0.15 per share) for the third quarter of 2016, compared to a net loss of $264 million ($0.23 per share) in the third quarter of 2015. Barrick produced 1.38 million ounces of gold in the third quarter at a cost of sales of $766 per ounce, compared to 1.66 million ounces at a cost of sales of $829 per ounce in the prior-year period. The company expects gold production of 5.25 to 5.55 million ounces for the full year 2016, up from previous estimates of 5.00 to 5.50 million ounces.

Kinross Gold Corporation (NYSE: KGC)

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Kinross Gold’s shares jumped 5.17 percent to close at $3.46 a share Thursday. The stock traded between $3.34 and $3.51 on volume of 15.07 million shares traded. The company reported earnings of $2.5 million for the third quarter of 2016, compared with a loss of $52.7 million in the third quarter of 2015. Average realized gold price was $1,336 per ounce for the third quarter of 2016, up from $1,122 per ounce in the third quarter of 2015. Kinross produced 684,129 attributable gold equivalent ounces (Au eq. oz.) in the third quarter of 2016, compared to 680,679 Au eq. oz. in the third quarter of 2015. All-in sustaining cost per gold ounce (Au oz.) sold on a by-product basis was $987 in Q3 2016, compared with $936 in Q3 2015.

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