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FSN: Gold Mining Shares Having a Strong Day

Tuesday, December 10, 2013 22:46
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(Before It's News)

Be prepared for the next great transfer of wealth. Buy physical silver and storable food.

by Dan Norcini
Trader Dan Norcini

Barclays, in one of their research notes today, named Goldcorp as one of their top picks for 2014. They cited an expected increase in gold production of some 33% by the end of the year 2015. This is the result of heavy cap-ex in 2013 to bring these various projects to a state of production. They expect that spending will drop considerably in 2014 while gold output increases. The study also cited an expected cost of production at $888/ounce compared to the industry average of $959/ounce.

GG is up some 3.4% as I type these comments. The HUI is actually doing better as it is up some 4.2%.

It is refreshing to finally see some notes like this hitting the beleaguered mining sector. Value-based buying could very well put a bottom in the mining sector. If, and this is a big “IF”, the shares stop moving lower, gold, the metal, will not be far behind. I would keep an eye on the reported holdings of the gold ETF, GLD, to see if that bleeding finally has been stemmed and the reported holdings begint to rise. That would be a clue that the worst is over.

Continue Reading at TraderDanNorcini.Blogspot.ca…



Source: http://silveristhenew.com/2013/12/10/gold-mining-shares-having-a-strong-day/

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