NEW YORK, September 16, 2016 /PRNewswire/ --
Gold prices went through a week of uncertainty due to mixed
economic data. First there were weak retail sales data, which led
to gold prices to surge, yet investors remained uncertain how the
data will affect the upcoming decision of the Federal Reserve on
September 20-21. There is a
possibility that strong jobs and the increase in household income
data will overshadow the disappointing retail sales, giving the Fed
enough encouragement to raise interest rates. The U.S Dollar has
slightly increased in value, and as a result, gold prices dropped
Thursday, yet remained strongly positioned in their expected range.
Brazil Resources Inc. (BRI.V), Market Vectors Junior Gold
Miners ETF (NYSEARCA: GDXJ), Market Vectors Gold Miners
ETF (NYSEARCA: GDX), Barrick Gold Corporation (NYSE:
ABX), Eldorado Gold Corp (NYSE: EGO)
The technical chart shows gold prices fluctuating from the
$1,310 per ounce and high
$1,360s per ounce over a period of
time of three months. Gold prices touched $1,319 per ounce on Thursday and continued to
look unstable.
Despite the slight decline, some companies remain strong
performers in the gold sector despite the current pressure of the
FOMC meeting next week. Both Market Vectors Junior Gold Miners
ETF (NYSEARCA: GDXJ) and the Market Vectors Gold Miners
ETF (NYSEARCA: GDX) have remained stable, and slightly gained
Thursday, ignoring the drop in gold prices, proving that demand for
safe heaven assets remains strong.
Shares of Brazil Resources Inc. (TSX-V: BRI) up more than
8% Thursday after the company announced the results of a National
Instrument 43-101 mineral resource estimate for Titiribi
Gold-Copper located approximately 70 kilometres southwest of the
city of Medellin, Colombia. After
examination of the resource, the company indicates that inclusion
of this resource estimate increases the company's measured and
indicated resource to 7.8 Moz gold (10.4 Moz gold equivalent) and
our inferred resource to 10.3 Moz gold (12.6 Moz gold equivalent).
After the news, Cantor Fitzgerald Canada Equity Research updated
their target price and maintains a current Buy Recommendation.
Brazil Resources Inc. (TSX-V: BRI) is mineral exploration
company with a focus on the acquisition, exploration and
development of projects in Brazil,
United States, Canada and other regions of the Americas. On
September 1st the company announced
it has completed the acquisition of Sunward Investments Limited,
which owns 100% of the Titiribi Gold-Copper Project, located in
central Columbia.
Barrick Gold Corporation (NYSE: ABX) has announced plans
to reduce costs an increase productivity through a partnership with
Cisco Systems. The gold producer will incorporate digital
technology in all aspects of its mining business, which will help
it to achieve its goals. Shares of the company remained stable
despite fears of a potential rate hike. The stock increased in
value by 141% year to date.
Shares of Eldorado Gold Corp (NYSE: EGO) up more than 3%
over the week after the company was upgraded by Bank of
America from an underperform rating to a buy rating. Bank of
America Corp. currently has $5.00
price target on the stock.
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