Gold futures slid to a 2 week low Tuesday on speculation that central banks may begin curbing stimulus measures. On Tuesday, the Bank of Japan left their asset-buying and other policy elements unchanged, signaling an improving economy. On Monday, the Standard & Poor's upgraded its outlook on the U.S.’s AA+ credit rating to “stable” from “negative”, tarnishing gold’s appeal as a safe haven. Data from Bloomberg showed that Gold’s 60-day historical volatility was at 28.8 percent Monday, the highest level seen since December 2011. Here is how some gold stocks reacted Tuesday:
AuRico Gold Inc. (NYSE: AUQ)(TSX: AUQ) shares traded in the range of $4.90 to $5.10 Tuesday before settling to close at $4.92, a decrease of 3.15 percent. The stock appears to be facing resistance at $5.17 and $5.93 levels. The company reported production of 46,170 gold ounces and cash costs of $635 per gold ounce for the first quarter of 2013. Shares of AuRico Gold have fallen approximately 39.7 percent in 2013.
More information on AuRico Gold and access to the free equity report can be found at: www.WallStreetFundamentals.com/AUQ
Eldorado Gold Corp. (NYSE: EGO)(TSX: ELD) shares traded in the range of $7.35 to $7.63 Tuesday before settling to close at $7.38, a decrease of 5.51 percent. The stock appears to be facing stiff resistance at $7.69. The company reported gold sales of 189,346 ounces at an average gold price of $1,622 per ounce for the first quarter of 2013, compared to sales of 150,661 ounces at an average gold price of $1,707 in the year ago quarter. Shares of Eldorado Gold have fallen approximately 42.7 percent in 2013.
More information on Eldorado Gold and access to the free equity report can be found at: www.WallStreetFundamentals.com/EGO
Gold Fields Limited (NYSE: GFI) shares traded in the range of $5.91 to $6.05 Tuesday before settling to close at $5.92, a decrease of 3.11 percent. The stock appears to be facing stiff resistance at $6.51 with some support at $5.67. Attributable Group production for the new Gold Fields is expected to be 476,000 gold-equivalent ounces for the first quarter of 2013. Shares of Gold Fields have fallen approximately 52.6 percent in 2013.
More information on Gold Fields and access to the free equity report can be found at: www.WallStreetFundamentals.com/GFI
IAMGOLD Corp. (NYSE: IAG)(TSX: IMG) shares traded in the range of $5.17 to $5.33 Tuesday before settling to close at $5.17, a decrease of 4.08 percent. The stock appears to be facing stiff resistance at the $5.78. The company reported revenues were $305.3 million for the first quarter 2013, a decrease of 14 percent when compared to the year ago quarter. Shares of IAMGOLD have fallen approximately 55 percent in 2013.
More information on IAMGOLD and access to the free equity report can be found at: www.WallStreetFundamentals.com/IAG
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