Goldcorp (NYSE:GG) (TSE:G), Barrick (TSE:ABX) (NYSE:ABX) and Newmont Mining (NYSE:NEM) continue to follow the price of gold down in the midst of a temporary correction, as increased worries over the debt crisis in the European Union, consequences from banking regulation, and China inflation weighs on the market.
All three of these major gold miners are now down over 10 percent each since Bear Stearns ceased to exist, but I look at this as a great time to prepare to buy, as gold will come roaring back, as the fundamentals are too strong for it to linger lower for a long period of time.
It has been a while since a significant correction, so we need to watch and be ready to enter back in, while not waiting too long in an attempt to bottom feed too much, i.e., try to time our entry as the lowest price level.
Goldcorp closed in New York, down by 3.56 percent, or $1.51. Barrick Gold was down 3.98 percent in New York, or $1.70, while Newmont dropped 4.48 percent, or $2.44.
Almost all gold mining stocks are trading at a much higher volume than normal, especially in New York.
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