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  • Gold Stocks press against their 52-week Highs 0 comments
    Feb 27, 2011 7:07 PM | about stocks: GOLD, KGC, AEM, NG, EGO, RGLD, TRQ, HMY, NEM, AU, GFI, ABX, IAG, AUY, GG
    Gold Stocks have continued their upward climb and many are now pushing towards their 52-week highs. 

    Table 1: Largest Gold Mining Companies by Market Capitalization
    Company NameTickerMarket Cap ($ Millions)% of Combined Market Cap
    Barrick Gold CorporationABX $51,795 20.6%
    Goldcorp IncorporatedGG $34,028 13.6%
    Newmont Mining CorporationNEM $28,739 11.4%
    AngloGold Ashanti Ltd.AU $17,862 7.1%
    Ivanhoe Mines LtdIVN $14,009 5.6%
    Gold Fields Ltd.GFI $12,713 5.1%
    Agnico-Eagle Mines LimitedAEM $12,040 4.8%
    Kinross Gold CorporationKGC $11,346 4.5%
    Eldorado Gold CorpEGO $9,415 3.8%
    Yamana Gold, Inc.AUY $9,340 3.7%
    Iamgold CorporationIAG $7,795 3.1%
    Randgold Resources LimitedGOLD $7,358 2.9%
    Harmony Gold Mining Co. Ltd.HMY $        4,957 2.0%
    Novagold Resources Inc NewNG $        3,215 1.3%
    Royal Gold, Inc.RGLD $        2,636 1.1%
    Data provided by services.

    This list of 15 stocks represents approximately 90% of the market capitalization of the Gold Mining stocks listed on Zacks. The top 10 stocks would represent a little over 80%. The performance of these stocks will then provide a strong indicator of the overall performance of the industry.  The graph below shows the required percent returns from Friday's close to reach the 52-week high (marked in green) or to fall to the 52-week low (marked in red).

    Graph of 52 week low and 52 week high required returns from current

    Data in graph provided by services.

    You can clearly see that all gold stocks with a few exceptions are well off their 52-week lows and many are within a few percentage points of their 52 week highs.  I provided some additional information in earlier articles on gold stocks here and here.   Will this trend continue?  How much higher will the price of gold climb? 
    Themes: Gold Stocks: GOLD, KGC, AEM, NG, EGO, RGLD, TRQ, HMY, NEM, AU, GFI, ABX, IAG, AUY, GG
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