Gold Stocks (GDX) Rebound Gold Pares Losses

Gold stocks rebounded from beforehand losses on Thursday as the Market Vectors Gold Miners ETF (GDX) rose $0.17, or 0.3%, to $60.86 per allotment this afternoon. The animation aback in gold stocks and the GDX came as the atom amount of gold pared its decline. The chicken metal confused from abreast $1,775 to as low as $1,734.60 this morning amidst boundless defalcation in adored metals, but jumped aback aloft $1,760 after in the day. Gold stocks in Canada inched college in concert with the GDX, as the S&P/TSX Global Gold Index rose 0.2% to 422.62.

Many gold stocks were in the account this anniversary Macquarie aloft its amount targets on a host of gold producers and explorers. Equity analysis analysts led by Tony Lesiak based the ambition increases on revisions to the firm’s gold amount outlook. Macquarie afresh aerial its 2012 appraisal from $1,646 to $1,762 per ounce and its abiding (2017+) anticipation from $1,714 to $1,837 per ounce.

A alternative of the gold stocks covered in the firm’s address – anniversary of which is a basic of the GDX – follow:

Barrick Gold (ABX.TSX, NYSE: ABX) – ambition to C$84.00 from C$74.00, Outperform appraisement reiterated

Goldcorp (G.TSX, NYSE: GG) – ambition to C$71.00 from C$66.00, Outperform appraisement reiterated

Kinross Gold (K.TSX, NYSE: KGC) – ambition to C$22.50 from C$22.00, Outperform appraisement reiterated

Agnico-Eagle Mines (AEM.TSX, NYSE: AME) – ambition to C$62.00 from C$57.00, Neutral appraisement maintained

Eldorado Gold (ELD.TSX, NYSE: EGO) – ambition to C$20.00 from C$18.50, Underperform appraisement maintained

IAMGOLD (IMG.TSX, NYSE: IAG) – ambition to C$27.00 from C$25.50, Neutral appraisement maintained

Yamana Gold (YRI.TSX, NYSE: AUY) – ambition to C$18.00 from C$17.50, Neutral appraisement maintained

Another affiliate of the gold stocks area in the account this anniversary was Gold Fields (GFI). The South African-based gold miner appear third division adapted balance of $0.42 per allotment and gold attributable agnate assembly of 900,000 ounces. Scotia Capital analyst Tanya Jakusconek, in a agenda to clients, wrote that “Adjusted EPS was aloft our appraisal of $0.36 and the accord estimates ambit of $0.34 to $0.36 (few estimates). The exhausted about to our appraisal reflects a lower tax amount and lower boyhood absorption costs.