Barrick Gold (NYSE:ABX) (TSE:ABX) was able to end the week on a positive note, after a tough week of following the price of gold down, dropping to $39.95 today before rebounding to close at $41.02, small increase of $0.02, or 0.05 percent rise.
That was a significant move in that the price of gold continued its correction, dropping $6.31 to $1,177.65. For the week gold was down 4.3 percent, or $52.78, after breaking an all-time high last week of $1,249.70.
This could be a sign that things are beginning to level off as speculators and traders take profits.
We may see gold begin to rise again next week, as the fundamentals causing the rise haven't changed, and there's nothing to indicate they'll change anytime soon.
With Barrick being a bellwether of the industry, it probably signals a rebound in gold prices and gold mining stocks is about to begin, but that assumes nothing unusual happens over the weekend that could change that outlook.
No comments:
Post a Comment