Shares of most gold mining companies finished firmly in positive territory on Wednesday, as the Market Vectors Gold Miners ETF (GDX) climbed $0.44, or 0.8%, to $53.11 per share. For the third consecutive day, the sector also outperformed yellow metal, as COMEX gold futures rose by a more modest $6.70, or 0.4%, to $1,753.00 per ounce.
Gold stocks shrugged off a somewhat cautious report on Newmont Mining (NEM), the largest U.S.-based gold producer and the only gold miner included in the S&P 500 Index. J.P. Morgan analyst John Bridges lowered its price target on NEM to $65.00 from $66.00 after the Company reported third quarter production that came in far below the firm’s estimates.
However, Bridges noted that it expects Newmont to make up for the production miss in the fourth quarter of this year. As such, the J.P. Morgan reiterated its Overweight rating on NEM, which finished the day up by $0.18, or 0.3%, at $56.06 per share.
(For more on the Newmont target reduction, plus rankings and analysis on over 90 other gold and silver stocks, visit GoldAlert Pro – http://pro.goldalert.com )
Other notable gold stocks moving higher included GDX components Agnico-Eagle Mines (AEM) and Eldorado Gold (EGO) – which finished up by 2.0% at $53.04 and by 2.3% at $14.82 per share, respectively.
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