Deutsche begins coverage on gold stocks
Deutsche Bank initiated coverage this morning on select North American gold miners. According to Briefing.com, the firm placed Buy ratings on Newmont Mining
(NEM) and Kinross Gold
(KGC), while Barrick Gold
(ABX) and Goldcorp
(GG) were rated as Holds.
Overall, Deutsche recommends a defensive posture favoring the companies with higher free cash flow making Newmont the top pick in the sector. It also recommends Kinross for investors seeking growth exposure. From the Bull Pen
: If you’re bullish on gold stocks, you can just look to the diversified gold miners ETF
(GDX). A short-term sell stop can be set below the recent low near $41. From the Bear Cave
: Those bearish can just look to the basic materials ETF
(XLB). It’s retesting previous support at $32, which is now resistance. Failure at that level could confirm a continuation of a downtrend.
For more ways to play and other trading ideas from more than 30 top market pros, take a free trial to our Buzz & Banter
.A Quick Check Around the World
Asian trading closed with the Nikkei
2.06%, Hang Seng
2.36%, and Taiwan
Across the pond, we see the FTSE
As of 8:20 AM EST, S&P Futures
are trading +0.25 to 1097.50. Nasdaq futures
are +1.00 to 1770.00. A Look at Commodities
Over in commodities, crude oil
is +0.10 to 77.32 while gold
is -3.000 to 1114.90 this morning. Silver
is -0.063 to 16.680 and copper
+0.0021 to 3.0925.
The dollar Index
is +0.0000 to 79.1800. On the Radar
07:30 Challenger Job Cuts
08:15 ADP Employment Change
10:00 ISM Services 51.0 cons.
10:30 Crude Inventories Click here
for the full trading radar.
Happy hump day! Good luck!
Position in NEM, GDX
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