LONDON, March 1, 2013 /PRNewswire/ --
Gold prices posted a loss of 5% in February as investors continued to pull money out of safe haven assets. This was the fifth straight monthly loss for gold. The SPDR Gold Trust (ETF) (NYSE: GLD) saw a record monthly outflow of 73.606 tons in February. Declining gold prices is a concern for gold mining companies such as Gold Fields Limited (NYSE: GFI), NovaGold Resources Inc. (AMEX: NG), IAMGOLD Corporation (NYSE: IAG), Eldorado Gold Corp. (NYSE: EGO) and AngloGold Ashanti Limited (NYSE: AU). Gold miners had boosted production due to higher prices; however, with gold prices seeing a sharp pullback, one can expect miners to cut back production. On Thursday, gold stocks fell sharply even as the broad market posted modest losses. StockCall analysts initiated preliminary technical research on GFI, NG, IAG, EGO and AU. These free reports are accessible by signing today at http://www.stockcall.com/register
Shares of Gold Fields Ltd fell sharply on Thursday, ending the day 3.72% lower at $8.29 on above average volume of 5.35 million. The stock hit a 52-week low of $8.27 yesterday. Year-to-date, the company's shares have now fallen more than 33%. Most of the losses came in February after the stock fell below its $10 support level. Technical indicators for the stock are giving very strong bearish signals. The free technical analysis on GFI is available by signing up at http://www.StockCall.com/GFI030113.pdf
Shares of NovaGold Resources also dropped on Thursday, ending the day 1.97% lower at $3.99 on volume of 1.52 million. The stock fell to an intra-day low of $3.95. The company's shares have fallen more than 11% this year, even as the S&P 500 posted gains of over 6%. The stock is currently trading well below its 50-day and 200-day moving averages. It is facing resistance at around $4.20. Register now to download the free research on NG at http://www.StockCall.com/NG030113.pdf
Shares of IAMGOLD Corp. tumbled on Thursday. The stock closed 5.34% lower at $6.74 on above average volume of 7.44 million after hitting a 52-week low of $6.68. The company's shares have fallen nearly 10% in the last three trading sessions even as the broad market gained 1.80%. Year-to-date, the stock has now fallen more than 41% as investors' sentiment has turned bearish on gold. The stock fell below $7 support level yesterday. The MACD also crossed below the signal line, which is a strong bearish signal. Free report on IAG can be accessed by registering at http://www.StockCall.com/IAG030113.pdf
Shares of Eldorado Corp. fell to an intra-day low of $9.71 on Thursday before finishing the day 2.29% lower at $9.82 on above average volume of 3.98 million. The company's shares have fallen more than 23% this year, compared to a gain of 6.20% for the S&P 500. The stock is currently trading well below its 50-day and 200-day moving averages. Eldorado's shares have support at around $9.50. The stock faces resistance at $10.50. Register with StockCall and download the research on EGO for free at http://www.StockCall.com/EGO030113.pdf
Shares of AngloGold Ashanti Ltd have fallen nearly 23% this year. On Thursday, the stock fell 3.35% to finish the day at $24.24 after hitting a 52-week low of $24.17. AngloGold Ashanti's shares have now fallen below its $25 support level. Read the full free research on AU by signing up to StockCall at
StockCall.com is a financial website where investors can have easy, precise and comprehensive research and opinions on stocks making the headlines. Sign up today to talk to our financial analyst at http://www.stockcall.com
Nasdaq quotes delayed at least 15 minutes, all others at least 20 minutes.
Markets are closed on certain holidays. Stock Market Holiday List
By accessing this page, you agree to the following
Press Release Service provided by PRConnect.
Stock quotes supplied by Telekurs USA
Postage Rates Bots go here