Gold Miners Surge as Investors Flock to Gold as a Safe Haven Following Britain’s Exit from the EU

NEW YORK, NY / ACCESSWIRE / July 5, 2016 / Gold miners have been trending upwards as gold prices have spiked following Britain’s referendum to exit from the European Union. Investors have historically flocked to gold as a safe haven in times of economic uncertainty the Market Vectors Gold Miners ETF (GDX) and the SPDR Gold Trust ETF (GLD) posted gains of 8.76 percent and 1.9 percent, respectively, in the past week. Prices for the precious metal reached as high as $1,362.60 an ounce on the Comex division of the New York Mercantile Exchange on the night of the Brexit referendum result, the highest in over two years. Register with us now for your free membership and gain access to our gold reports at: http://rdinvesting.com

“As soon as the market got a hint that it could tilt the other way is when this volatility kicked in,” said Bob Haberkorn, senior market strategist at RJO Futures. “I can’t think of a negative for gold,” Mr. Haberkorn said. “The bulls are fully in control at this point.”

Barrick Gold Corporation (NYSE: ABX)

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Barrick Gold’s shares gained 4.03 percent to close at $22.21 a share Friday. The stock traded between $21.65 and $22.32 on volume of 19.04 million shares traded. The stock appears to be facing some resistance at $22.69 with some support at $21.33 and $20.68. The company is scheduled to release results for the second quarter of 2016 after market close on Wednesday, July 27^th. Barrick Gold’s reported gold production of 1.28 million ounces at all-in sustaining costs (AISC) of $706 per ounce for the first quarter of 2016. Shares of Barrick Gold have gained approximately 200.0 percent year-to-date and are up roughly 15.8 percent in the past month.

Kinross Gold Corporation (NYSE: KGC)

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Kinross Gold’s shares jumped 9.61 percent to close at $5.36 a share Friday. The stock traded between $5.05 and $5.40 on volume of 13.40 million shares traded. The stock appears to be facing some resistance at $5.46 and $5.79 with some support at $5.05 and $4.75. Kinross produced 687,463 gold equivalent ounces (Au eq. oz.) in the first quarter of 2016, an increase of 9.23 percent year-over-year. Production cost of sales fell to $694 per Au eq. oz. for the first quarter of 2016, down from $709 in the first quarter of 2015. Shares of Kinross Gold have gained approximately 195.0 percent year-to-date and are up roughly 7.9 percent in the past month.

NovaGold Resources Inc. (NYSEMKT: NG)

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NovaGold Resources’ shares increased 10.95 percent to close at $6.79 a share Friday. The stock traded between $6.29 and $6.79 on volume of 5.05 million shares traded. The stock appears to be facing some resistance at $7.43 with some support at $6.61 and $6.14. The company reported a net loss of $9.2 million ($0.03 per share) in the second quarter of 2015, down from a net loss of $9.1 million ($0.03 per share) in the second quarter of 2016. NovaGold held $112 million in cash and term deposits at the end of the second quarter. Shares of NovaGold Resources have gained approximately 61.3 percent year-to-date and are up roughly 15.5 percent in the past month.

Newmont Mining Corp. (NYSE: NEM)

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Mining Research
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Newmont Mining’s shares increased 3.12 percent to close at $40.34 a share Friday. The stock traded between $39.47 and $40.49 on volume of 9.94 million shares traded. The stock appears to have some support at the $39.43, $37.38 and $35.96 levels. The company is scheduled to release results for the second quarter of 2016 after market close Wednesday, July 20^th. Newmont Mining has entered into an agreement with PT Amman Mineral International to sell its interests in the Batu Hijau copper and gold mine in Indonesia. The total consideration for Newmont’s 48.5 percent economic interest in PTNNT is $1.3 billion which is comprised of cash proceeds of $920 million to be paid at closing and contingent payments of $403 million tied to metal price upside and development of Elang. Shares of Newmont Mining have gained approximately 124.2 percent year-to-date and are up roughly 14.0 percent in the past month.

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