While the next few weeks could be grim, several analysts are confident gold stocks can make up for lost ground as gold prices stabilize in the longer term.
Greg Barnes, an analyst at TD Securities, expects gold prices to average US$1,648 per ounce in 2012 and US$1,750 an ounce in 2013. Haywood Securities analyst Joe Mazumdar, meanwhile, predicts gold prices will average US$1,650 per ounce over the next three years before dropping to an average of US$1,550 an ounce in 2015.
1. Eldorado Gold Corp. (EGO, Earnings, Analysts, Financials):
Engages in the discovery, exploration, development, production, and reclamation of gold properties in Brazil, the People’s Republic of China, Greece, and Turkey. Market cap at $7.85B, most recent closing price at $11.05. Net institutional purchases in the current quarter at 78.2M shares, which represents about 11.09% of the company’s float of 705.18M shares.
2. NovaGold Resources Inc. (NG, Earnings, Analysts, Financials):
2. NovaGold Resources Inc. (NG, Earnings, Analysts, Financials):
Engages in the exploration and development of mineral properties primarily in North America. Market cap at $1.47B, most recent closing price at $5.27. Net institutional purchases in the current quarter at 16.3M shares, which represents about 8.7% of the company’s float of 187.35M shares.
3. Rubicon Minerals Corporation (RBY, Earnings, Analysts, Financials):
3. Rubicon Minerals Corporation (RBY, Earnings, Analysts, Financials):
Engages in the acquisition, exploration, and development of mineral properties in Canada and the United States. Market cap at $856.09M, most recent closing price at $2.98. Net institutional purchases in the current quarter at 22.2M shares, which represents about 8.14% of the company’s float of 272.74M shares.
4. Banro Corporation (BAA, Earnings, Analysts, Financials):
4. Banro Corporation (BAA, Earnings, Analysts, Financials):
Engages in the acquisition, exploration, and development of gold properties in the Democratic Republic of the Congo (DRC). Market cap at $719.80M, most recent closing price at $3.59. Net institutional purchases in the current quarter at 11.9M shares, which represents about 6.02% of the company’s float of 197.74M shares.
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