Gold Stocks and ETF's to Watch as Gold Prices Rise; ($PGLC), ($GDX), ($ABX), ($NEM)
Investorideas.com, a global news source covering leading sectors including mining stocks issues a sector snapshot for gold stocks and ETF's for the close of Friday, July 14th. Gold stocks and ETF's got a boost on Friday as gold prices hit their highest finish for July and saw the first weekly rise since early June.Gold moved following the release of weak U.S. inflation and retail sales data.
The VanEck Vectors Gold Miners ETF (GDX) closed Friday at 21.83 up 0.33 (1.53%). Juniors got a bump as well and the VanEck Vectors Junior Gold Miners ETF (GDXJ) closed at 32.38, up 0.49 (1.54%). The SPDR Gold Shares (GLD) also realized gains for the day closing at 116.79, up 0.97 (0.84%).
NASDAQ:PGLC), (TSX: PGLC), (FWB: 7PG1) had trading ranging on Friday from $2.72 to a high of $2.81 on NASDAQ and closed at $3.53, up 0.03 (0.86 %) on the TSX. The company recently released a Preliminary Feasibility Study (PFS) on the company's Relief Canyon Mine. Highlights from the PFS include a pre-tax net present value ("NPV") of $144.6 million, an internal rate of return ("IRR") of 89% and Net Cash Flow of $192.7 million. This NPV, IRR and Net Cash Flow assume pre-tax economics using $1,250 per ounce ("/oz") of gold ("Au"), $16.75/oz of silver ("Ag") and a 5% discount rate.
Pershing Gold is an emerging gold producer whose primary asset is the Relief Canyon Mine in Pershing County, Nevada. Relief Canyon includes three historic open-pit mines and a state-of-the-art, fully permitted and constructed heap-leach processing facility. Pershing Gold is currently permitted to resume mining at Relief Canyon under the existing Plan of Operations.
Pershing Gold's landholdings cover approximately 25,000 acres that include the Relief Canyon Mine asset and lands surrounding the mine in all directions. This land package provides Pershing Gold with the opportunity to expand the Relief Canyon Mine deposit and to explore and make new discoveries on nearby lands.
ABX.TO) closed at $20.22, up $0.24 (1.20 %) on the TSX and closed at $15.99, up $0.28 (1.78%) on the NYSE (ABX). Another big player in Nevada, Barrick is an integrated gold mining operation that combines the Cortez and Goldstrike properties in Nevada, employing a total of 3,000 employees and 800 contractors. The operation utilizes both open pit and underground mining methods and hosts a range of processing facilities including heap leaching, roasting, autoclaving, conventional leaching and thiosulfate (cyanide-free) leaching. Barrick is one of the top holdings of the VanEck Vectors Gold Miners ETF (GDX) currently at 10.20%.
NEM) closed Friday at $33.30, up $0.36 (1.09%). Newmont owns or controls approximately 2.8 million acres in Nevada and their Nevada operations account for approximately one-third of Newmont's worldwide gold production.
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