8 Well Known Gold Stocks Slide To 52 Week Lows
Tommy Humphreys | Oct 26, 2014 01:04AM ET
The bear market in gold stocks continues with many of the more notable names hitting 52 week lows during the past few days. Barrick the world’s largest gold producer, (NYSE:ABX)(TO:ABX), hit a low of $14.80, down from $55 just three years ago. Gold equities have been extremely volatile in the past year, creating fantastic trading opportunities.
Gold is down ~8.5% in the last year but is actually up ~2.5% year to date.
The TSX Gold index is getting close to yearly lows. Last year, tax loss selling was seen by many as contributing to a bottom in the sector. We would probably already be at those levels now except for strong year to date performances from royalty companies Franco-Nevada Corporation (NYSE:FNV)(TO:FNV) and Royal Gold (NASDAQ:RGLD)(TO:RGL).
Names hitting 52 week lows recently include Kinross (NYSE:KGC)(TO:K), New Gold (AMEX:NGD)(TO:NGD), Allied Nevada (AMEX:ANV)(TO:ANV), Argonaut (OTC:ARNGF)(TO:AR), McEwen Mining (NYSE:MUX)(TO:MUX), Primero Mining (NYSE:PPP)(TO:P), and Yamana Gold (NYSE:AUY)(TO:YRI).
Tax loss selling this year could be brutal again so I am keeping some powder ready. However, the sector can also turn around quickly, as evidenced last year with many companies up 30-50% in the first quarter.
I am excited for the next couple months and look forward to buying the top gold names at rock bottom prices.
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