Kinross has battled hard to right the ship after its disastrous US$7.1 billion deal to acquire Redback mining back in 2010. A large part of the Redback purchase has been written off and Kinross is finally standing on solid ground again.
The company reported better-than-expected Q1 results and is producing enough cash flow to easily cover its capital projects. Production is on track to meet guidance and the balance sheet is actually quite healthy. Kinross finished Q1 with more than US$1 billion in cash and cash equivalents.
Gold prices continue to linger around the $1,200 mark and the debate rages on between the bullion bulls and bears as to where the future lies. For the past five years, the bears have been right, and any bull that took a position in the miners over that time is looking at some ugly losses.
Is the downward trend finally coming to an end?
It’s true that gold’s safe-haven status has lost some of its shine in recent years, especially in the U.S., as global equity markets continue to remain resilient in the face of serious political and financial threats. At the same time the strong U.S. dollar has provided little incentive for Americans to move into gold.
The attitude in the U.S. could soon change. Greece might send Europe down a road nobody wants to go; China’s massive property bubble still hasn’t popped; and the entire Middle East is at risk of becoming one massive war zone. A bad turn in any one of these situations could set off a stampede back into gold.
KGC way too low ..expect short covering not started yet .....Double in days!
Shorts was in bed with Yeller to increase rates but after pleasure realised no money to pay to public.....Obamacare going to eat all....Buy GOLD.....
All gold miners back in action from today onwards...KGC Kinross Gold is almost 56% down going to get double soon..
Interest hike drama from many years going on... FED chairs are puppets to the public from US capitalist lobby...The real picture is US economy & business are under water..
old miner Kinross Gold (NYSE:KGC) has gained decent momentum over the past three months, gaining over 11% on the stock market. On June 10th, Kinross recorded robust stock price growth of 3.2% on the market, primarily driven by better gold pricing. Now, Gold's recent rally is the result of a weaker dollar, with August futures now trading at around $1,186.60 an ounce. Looking ahead, it is probable that gold prices will continue rising on the back of a stronger Japanese yen and improving end-market demand.
Additionally, with an in-ground PEA produced gold enterprise valuation of anywhere from $6 to $17 (which doesn't include any of the millions of pounds of copper production); Exeter Resources carries a valuation that is much cheaper than any of the other companies on our list
Today KGC was high as Gold Price is High.....(Blind can see)
We(Our Analyst Mr. Hedge) recommend ...'SELL' as it was shorted at $20 and now our Hedge wants to buy back cheap...when it is covered fully we can upgrade it to 'BUY'....LOL