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Kinross Gold Corporation Hits the Wall

Commodities / Gold & Silver Stocks Jul 20, 2010 - 03:32 AM GMT

By: Bob_Kirtley

Commodities

The stock price of Kinross Gold Corporation (KGC) has been hammered recently with a loss of around 20% to close today at $15.46, on the back of gold prices softening during this holiday period to trade at $1184.20 as we write.




We have plotted gold prices on the above chart so that we can see just how Kinross Gold has performed relative to them. As we can see this stock was heading south while gold was heading north and as gold prices peaked and fell the stock price of Kinross got hammered.

This is a disappointing performance by Kinross, however, they are not alone as many of the other quality stocks have also failed, or at least been sluggish in their reaction to golds advance. Kinross Gold will release its financial statements and operating results for the second quarter of 2010 on Wednesday, August 4, 2010, after market close. These results may add some cheer, however, the last set of results fell a tad short of analysts expectations and so the stock fell accordingly.

On the positive side if the stock drops a little further then it could well present us with a wonderful pre-fall bargain, when, from Labour Day onwards we expect precious metals prices to zoom. This aberration in KGCs stock price could also give us an options trading opportunity, once we have established that this downward trend is over. We will continue to monitor the situation and as usual we will post as soon as we see a trade with a good possibility of generating a profit.

Kinross Gold Corporation trades on the TSX under the symbol of K, and on the NYSE under the symbol of KGC. Kinross has a market capitalization of $10.86 billion, with average turnover of around five million shares, a P/E of 31.66 and closed today at $15.46.

In response to our readers requests we recently launched an options trading service which has recorded sixteen consecutive winning trades, a performance that puts our core holdings in the shade. We had intended to use it to give our portfolio a small boost, however, it does raise questions about the strategy of holding mining stocks on the basis that they will perform as they did in the last gold bull market. This is not 1980 and things are most certainly different and the overall outcome could also be different, a question we will tackle shortly.

Have a good one.

Got a comment then please add it to this article, all opinions are welcome and very much appreciated by both our readership and the team here.

Recently our premium options trading service OPTIONTRADER has been putting in a great performance, the last 16 trades with an average gain of 42.73% per trade, in an average of just under 38 days per trade. Click here to sign up or find out more.

Silver-prices.net have been rather fortunate to close both the $15.00 and the$16.00 options trade on Silver Wheaton Corporation, with both returning a little over 100% profit.

To stay updated on our market commentary, which gold stocks we are buying and why, please subscribe to The Gold Prices Newsletter, completely FREE of charge. Simply click here and enter your email address. (Winners of the GoldDrivers Stock Picking Competition 2007)

DISCLAIMER : Gold Prices makes no guarantee or warranty on the accuracy or completeness of the data provided on this site. Nothing contained herein is intended or shall be deemed to be investment advice, implied or otherwise. This website represents our views and nothing more than that. Always consult your registered advisor to assist you with your investments. We accept no liability for any loss arising from the use of the data contained on this website. We may or may not hold a position in these securities at any given time and reserve the right to buy and sell as we think fit.

Bob Kirtley Archive

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