With the World Bleeding Gold, these Canadian Stocks will help it Heal
By EI Staff | September 25, 2013
Canada's Promising Gold Diggers
Since the beginning of 2013, gold stocks have fallen 20%, hitting their lowest level in three years.
The general perception that gold is a safe investment, and that it is never a bad idea to invest in gold is the main reason behind huge demand for gold even in this uncertain environment.
China, Australia, United States still dominate the Gold Mine Production. China’s Gold Mine Production is more than 400 tons, while Australia & United States produce about 250 tons. Canada's Gold Mine production is about 100 tons, but 75% of the world's mining companies are headquartered in Canada.
Following Canadian stocks holds a promise for the future.
Barrick Gold Corp.
The world’s largest pure gold miner operates 26 gold mines. It also holds interests in oil and gas properties located in Canada. Though price has come down by more than 50% from last year, this stock could run up high since it is putting in place a new operating model focusing on operations & maximizing profits. 60% of its production comes from just five mines in the Americas & Pascua-Lama is in production. Also they don’t seem to be having debt repayment issue.
Jamie Sokalsky said at the Denver Gold Forum, “The copper circuit is now online and expect to produce saleable concentrate by the end of next month. Lagunas Norte, Goldstrike, Cortez have all done well above the feasibility”.
Barrick Gold Corp at Denver Gold Forum
The Company explores, develops and operates gold mining properties across the world. It also operates niobium mine. While IAMGOLD is focusing on cost reduction, its Westwood production including Mouska is said to be ramping up. 2013 production guidance is at 875,000 to 950,000 ounces. And Niobec continues to be a very stable business with prices and volumes holding steady.
IAMGOLD has a market cap of $1.9b. And its stock price also has come down more than 50% from last year and is currently priced at around $4.86.
IAMGOLD Q2 Earnings
Eldorado Gold Corp.
Eldorado Gold Corporation is a gold exploration, development, mining and production company. The Company owns and operates mines worldwide. While this stock is less talked about, its gold production in Q2 2013 was 183,971 ounces, over 30% ahead of the 2012 equivalent quarter and cost kept at 2012 levels. Production was up in all of their major mines.
EGO share price also has come down by more than 50% from last year and it is also affordable at around $6.73 currently, and it looks promising.
EGO Q2 Earnings