NEW YORK, NY, Sept 16, 2016 - (ACN Newswire) - Gold prices went through a week of uncertainty due to mixed economic data. First there were weak retail sales data, which led gold prices to surge, yet investors remained uncertain how the data will affect the upcoming decision of the Federal Reserve on September 20-21. There is a possibility that strong jobs and the increase in household income data will overshadow disappointing retail sales, giving the Fed enough encouragement to raise interest rates. The U.S Dollar has slightly increased in value, and as a result, gold prices dropped Thursday, yet remained strongly positioned in their expected range. Brazil Resources Inc. (TSX-V: BRI), Market Vectors Junior Gold Miners ETF (NYSEARCA: GDXJ), Market Vectors Gold Miners ETF (NYSEARCA: GDX), Barrick Gold Corporation (NYSE: ABX), Eldorado Gold Corp (NYSE: EGO)
The technical chart shows gold prices fluctuating from the $1,310 per ounce and high $1,360 per ounce over a period of three months. Gold prices touched $1,319 per ounce on Thursday and continued to look unstable.
Despite the slight decline, some companies remain strong performers in the gold sector despite the current pressure of the FOMC meeting next week. Both Market Vectors Junior Gold Miners ETF (NYSEARCA: GDXJ) and the Market Vectors Gold Miners ETF (NYSEARCA: GDX) have remained stable, and slightly gained Thursday, ignoring the drop in gold prices, proving that demand for safe heaven assets remains strong.
Shares of Brazil Resources Inc. (TSX-V: BRI) up more than 8% Thursday after the company announced the results of a National Instrument 43-101 mineral resource estimate for Titiribi Gold-Copper located approximately 70 kilometres southwest of the city of Medellin, Colombia. After examination of the resource, the company indicates that inclusion of this resource estimate increases the company's measured and indicated resource to 7.8 Moz gold (10.4 Moz gold equivalent) and our inferred resource to 10.3 Moz gold (12.6 Moz gold equivalent). After the news, Cantor Fitzgerald Canada Equity Research updated their target price and maintains a current Buy Recommendation.
Brazil Resources Inc. (TSX-V: BRI) is mineral exploration company with a focus on the acquisition, exploration and development of projects in Brazil, United States, Canada and other regions of the Americas. On September 1st the company announced it has completed the acquisition of Sunward Investments Limited, which owns 100% of the Titiribi Gold-Copper Project, located in central Columbia.
Barrick Gold Corporation (NYSE: ABX) has announced plans to reduce costs an increase productivity through a partnership with Cisco Systems. The gold producer will incorporate digital technology in all aspects of its mining business, which will help it to achieve its goals. Shares of the company remained stable despite fears of a potential rate hike. The stock increased in value by 141% year to date.
Shares of Eldorado Gold Corp (NYSE: EGO) up more than 3% over the week after the company was upgraded by Bank of America from an underperform rating to a buy rating. Bank of America Corp. currently has $5.00 price target on the stock.
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