Gold miners rallied Monday as gold futures pushed higher for the fourth consecutive session. Gold for December delivery spiked as high as $1,340.10 an ounce on the New York Mercantile Exchange. The Market Vectors Gold Miners ETF (GDX) and the Market Vectors Junior Gold Miners ETF (GDXJ) posted gains of 5.82 percent and 8.74 percent, respectively. Gold prices have fallen sharply in recent months, down roughly 8 percent year-to-date, as investors speculated the Federal Reserve would begin to curb stimulus measures. "The jump in gold since the low last week has primarily been driven by silver following the better-than-expected imports of raw materials last week from China," said Ole Hansen, head of commodity strategy at Saxo Bank.
Allied Nevada Gold Corp. (NYSEMKT: ANV) shares traded in the range of $3.97 to $4.22 Monday before settling to close at $4.11, an increase of 10.78 percent. The stock appears to be facing some resistance at the $6.44 and $8.70 levels with some support at $3.79. Shares of Allied Nevada Gold have fallen approximately 86.0 percent in 2013.
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Yamana Gold Inc. (NYSE: AUY)(TSX: YRI) shares traded in the range of $10.24 to $10.57 Monday before settling to close at $10.53, an increase of 7.34 percent. The stock appears to be facing some resistance at the $11.32 and $12.20 levels with some support at $10.03. Shares of Yamana Gold have fallen approximately 38.0 percent in 2013.
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IAMGOLD Corp. (NYSE: IAG)(TSX: IMG) shares traded in the range of $5.27 to $5.40 Monday before settling to close at $5.34, an increase of 6.59 percent. The stock appears to be facing some resistance at the $5.48 and $5.71 levels with some support at $5.29. Shares of IAMGOLD have fallen approximately 53.0 percent in 2013.
More information on IAMGOLD and access to the free equity report can be found at:
NovaGold Resources Inc. (NYSEMKT: NG)(TSX: NG) shares traded in the range of $2.81 to $2.90 Monday before settling to close at $2.85, an increase of 5.17 percent. The stock appears to be facing some resistance at the $2.92 and $3.87 levels with some support at $2.68. Shares of NovaGold Resources have fallen approximately 36.0 percent in 2013.
More information on NovaGold Resources and access to the free equity report can be found at:
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