Gold Stocks Under Scrutiny: Barrick Gold, Goldcorp, and Others

Gold prices have fluctuated amidst economic uncertainty, making it challenging for investors to navigate the gold mining sector. Beacon Equity Research has released trade alerts highlighting key developments in major gold stocks, including Barrick Gold and Goldcorp. The author points to Barrick Gold's suspension of output at its Kainantu gold mine in Papua New Guinea due to high costs, while Goldcorp announced a record fourth-quarter gold production of 692,000 ounces and exceeded its previously issued guidance of 2.3 million ounces for 2008.

Key Takeaways:

• Barrick Gold Corp. (NYSE: ABX) suspended output at its Kainantu gold mine in Papua New Guinea due to high costs, with estimated acquisition costs of $141.5 million in 2007.
• Goldcorp Inc. (NYSE: GG) announced a record fourth-quarter gold production of 692,000 ounces, exceeding its previously issued guidance of 2.3 million ounces for 2008.
• Goldcorp also expects its total cash costs for 2008 to meet its previous guidance of approximately $300 per ounce of gold on a by-product basis.
• AngloGold Ashanti Ltd. (NYSE: AU) has shown an uptrend since November 24, 2008, as indicated by the Comtex SmarTrend Alert system.
• Newmont Mining Corp. (NYSE: NEM), Kinross Gold Corp. (NYSE: KGC), and Gold Fields Ltd. (NYSE: GFI) are also under scrutiny, with Comtex SmarTrend Alert systems indicating uptrends since December 10, 2008, November 25, 2008, and November 24, 2008, respectively.

Statistics:

• Barrick Gold Corp. (NYSE: ABX) shares dropped 1.37% to $38.04 on Friday.
• Goldcorp Inc. (NYSE: GG) shares climbed 0.58% to $29.64 on Friday.
• Goldcorp's total cash costs for 2008 are expected to meet its previous guidance of approximately $300 per ounce of gold on a by-product basis.
• As of January 26, 2009, the latest Comtex SmarTrend Alert system indicated an uptrend on December 10, 2008, for ABX @ $30.15.
• As of January 26, 2009, the latest Comtex SmarTrend Alert system indicated an uptrend on November 24, 2008, for AU @ $20.65.
• As of January 26, 2009, the latest Comtex SmarTrend Alert system indicated an uptrend on November 25, 2008, for GFI @ $8.04.

Sources:

• BeaconEquity.com
• Beacon Equity Research
• SmarTrend Alert system
• Comtex News Network, Inc.
• SEC website (http://www.sec.gov)
• FINRA website (http://www.finra.org)
• Beacon Equity Research Disclosure
• BAYSTREET NEWSWIRE