Gold News
A Look at the Correlations of Mining Stocks
Yamana Gold has the closest correlation to gold on a YTD basis among the four miners under review.
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RandGold Spikes On Dividend Hike: Africa Mines Thrive
Shares of RandGold Resources (GOLD) are up 4% today after it proposed a 52% dividend increase after reporting a rise in fourth-quarter earnings. The SPDR Gold Trust (GLD) is up 0.9% today. Dow Jones Newswires said the United Kingdom miner increased fourth-quarter net profit by 76% to $78.5 million, helped by higher gold prices and output. The company, with operations in Mali, C te d’Ivoire, Democratic Republic of Congo and other African locales, reported 2016 profit of $294.2 million, up 38% year on year, by lowering costs while increasing production for the sixth consecutive year.
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Precious Metals Spot Price
- Gold Spot Price: $1,241.60 per ounce
- Silver Spot Price: $18.40 per ounce
- Platinum Spot Price: $1,009.10 per ounce
- Palladium Spot Price: $774.50 per ounce
Where Is Gold Headed?
SPDR Gold Shares (GLD) share price is $119.06, which is 2.7% above its 50-day exponential moving average of $115.94
The RSI is 64.48 which suggests that SPDR Gold Shares (GLD) is technicallyneither overbought nor oversold.
Based on the share price being above its 5, 20 & 50 day exponential moving averages, the current trend is considered strongly bullish and GLD is experiencing buying pressure, which is a positive indicator for future bullish movement.
According to the MACD, SPDR Gold Shares (GLD) is currently on a Buy Signal.
Over the next 4 weeks, SPDR Gold Shares (GLD) has on average historically fallen by 1.4% based on the past 12 years of stock performance.
SPDR Gold Shares (GLD) has fallen lowerby an average 1.4%in 8 of those 12 years over the subsequent 4 week period,corresponding to a historical probability of 66%
Is Gold a Buy or Sell?
SPDR S&P 500 ETF (SPY) share price is $239.78, which is 9.8% above its 50-day exponential moving average of $218.33
Based on the share price being above its 5, 20 & 50 day exponential moving averages, the current trend is considered strongly bullish and SPY is experiencing slight buying pressure.
This volatility is currently showing a lower than normal reading, suggesting risk levels may be somewhat lower than normal.
How Are Gold Stocks Trading?
Goldcorp Inc. (GG) share price is $15.63, which is 3.2% below its 50-day exponential moving average of $16.14
Based on the share price being below its 5, 20 & 50 day exponential moving averages, the current trend is considered strongly bearish and GG is experiencing slight buying pressure.
Newmont (NEM) share price is $34.42, which is 6.9% below its 50-day exponential moving average of $36.96
Based on the share price being below its 5, 20 & 50 day exponential moving averages, the current trend is considered strongly bearish and NEM is experiencing buying pressure, which is a positive indicator for future bullish movement.
Royal Gold, Inc. (RGLD) share price is $66.89, which is 6.1% below its 50-day exponential moving average of $71.20
Based on the share price being below its 5, 20 & 50 day exponential moving averages, the current trend is considered strongly bearish and RGLD is experiencing buying pressure, which is a positive indicator for future bullish movement.
Agnico-Eagle Mines Ltd. (AEM) share price is $42.2, which is 13.7% below its 50-day exponential moving average of $48.89
Based on the share price being below its 5, 20 & 50 day exponential moving averages, the current trend is considered strongly bearish and AEM is experiencing buying pressure, which is a positive indicator for future bullish movement.
Disclaimer
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