Wall Street Fundamentals Releases New In-Depth Stock Reports on HMY, IAG, KGC and NGD
New York, NY – Gold stocks have
struggled in 2013 as prices for the precious metal have struggled to maintain
any upwards momentum. Gold prices have fallen for seven consecutive days, which
is the longest streak since the financial crisis. An improving U.S. economy and
subsiding fears related to the Euro Zone crisis has tarnished gold’s safe haven
appeal among investors. "As equities continue to rally and inflation data
fails to show inflation, I don't see any reason to own gold, unless you like
how it looks on the shelf," said Archer Financial Services’ senior market
strategist, Adam Klopfenstein.
Harmony Gold Mining Co. (NYSE: HMY) shares declined 7.84 percent Friday to close at $3.76, down
approximately 58 percent year-to-date. The stock appears to face stiff
resistance at $4.37. The company reported gold production of 247 529 ounces for
the first quarter of 2013, a year-over-year decrease of 15 percent. The decline
in production was largely attributable to the temporary closure of Kusasalethu
mine.
More information on Harmony Gold Mining and access to the free equity report can be found at:
www.WallStreetFundamentals.com/HMY
IAMGOLD Corp. (NYSE: IAG)(TSX: IMG) shares closed at $4.68 Friday, down approximately 59 percent year-to-date. The stock appears to be facing strong resistance at $5.60 a
share. The company reported total cash costs of $787 an ounce for the first
quarter of 2013, which was $63 below the bottom of guidance. Revenues for the
first quarter decreased 14 percent year-over-year to $305.3 million.
More information on IAMGOLD and access to the free equity report can be found at:
www.WallStreetFundamentals.com/IAG
Kinross Gold Corp. (NYSE: KGC)(TSX: K) shares closed at $5.26 Friday and are down approximately 45 percent year-to-date. The stock appears to be facing stiff resistance at $5.41 a share. The company reported production grew to 648,897 gold equivalent ounces for the first quarter of 2013, compared to production of 588,358 ounces in the year ago quarter.
More information on Kinross Gold and access to the free equity report can be found at:
www.WallStreetFundamentals.com/KGC
New Gold Inc. (NYSEMKT: NGD)(TSX: NGD) shares declined 6.25 percent Friday to close at $6.30, down approximately 43 percent year-to-date. The company reported production of
94,695 ounces of gold at total cash costs of $485 per ounce for the first quarter
of 2013, a decrease of roughly 4,600
ounces when compared to the year ago quarter.
More information on New Gold and access to the freeequity report can be found at:
www.WallStreetFundamentals.com/NGD
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Disclaimer: Information, opinions and analysis contained
herein are based on sources believed to be reliable, but no representation,
expressed or implied, is made as to its accuracy, completeness or correctness.
The opinions contained herein reflect our current judgment and are subject to
change without notice. We accept no liability for any losses arising from an
investor's reliance on or use of this report. This report is for information
purposes only, and is neither a solicitation to buy nor an offer to sell
securities. Certain information included herein is forward-looking within the
meaning of the Private Securities Litigation Reform Act of 1995, including, but
not limited to, statements concerning manufacturing, marketing, growth, and
expansion. Such forward-looking information involves important risks and
uncertainties that could affect actual results and cause them to differ
materially from expectations expressed herein. Wall Street Fundamentals has no
financial relationship with any company whose stock is mentioned in this
release.
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