GOLD STOCKS NEWS – Gold stocks rallied Monday, with the Market Vectors Gold Miners ETF (GDX) climbing $1.63, or 3.0%, to $56.51 per share. The GDX and gold stocks were propelled higher by gold futures, which surged $36.00, or 2.2%, to $1,671.80 per ounce in early afternoon trading. Gold stocks in Canada are not trading today because the exchanges are closed for the nation’s Thanksgiving Day.
Since reaching a 52-week low of $50.42 last week, the GDX has now risen 12.1%. The rebound in gold stocks has coincided with a modest move higher in the yellow metal. However, the GDX remains lower by 9.3% year-to-date – versus a 17.7% rise for the price of gold.
This past weekend, long-time gold investor John Hathaway – who runs the Tocqueville Gold Fund – reiterated his bullish outlook on the gold stocks sector:
Before we had this swoon in September, I wrote an article saying that these valuations in gold stocks were a gift to anybody who had missed the bull market in gold. This swoon that we’ve had in September, as long as we can believe that gold belongs at least at the $1,500 to $1,600 level, has made this an even greater gift than what we had seen before. So I feel good that the gold stocks have stabilized and that they are starting to show real signs of life.
Three of the top performing GDX components on Monday included Harmony Gold (HMY), Novagold Resources (NG), and Nevsun Resources (NSU) – with gains of 6.1%, 4.8%, and 3.5%, respectively.
West Kirkland’s Nevada Exploration Yields Positive Results
* The TUG property is contiguous with 900 square kilometers of mineral rights in the Long Canyon Trend that the Company has optioned through a recent transaction with Rubicon Minerals
* Coupled with an option agreement with Newmont Mining, the option agreements give West Kirkland a dominant land position within the Long Canyon Trend and will be the focus of the Company's exploration efforts in Nevada