Gold Prices Hit 3 Month Low: Hello Yamana, Rio Tinto, and Goldcorp
Gold prices just hit a new three month low this morning and as expected the buyers are rushing in, its time to look at some of the best gold stocks including Yamana Gold Inc. (USA) (NYSE:AUY), Goldcorp Inc. (USA) (NYSE:GG), and the ultimate mineral/mining juggernaut Rio Tinto plc (ADR) (NYSE:RTP).
Yamana Gold (AUY) shares have traded between $8.42 and $14.37 over the past 12 months. Yamana Gold Inc shares are now trading with a P/E Ratio of 33.5 and EPS of 0.25 and its shares are up 9.07% from its 52-week low.
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Over the past 12 months Goldcorp Inc (GG) shares have traded between $32.84 and its 52-week high of $47.41. Goldcorp shares are now trading with a P/E Ratio of 0 and EPS of -0.14 and have increased 16.2% from its 52-week low.
Then there's Rio Tinto ADR (RTP), its shares have traded between $36.35 and $62.24 over the past 12 months. Rio Tinto shares are now trading with a P/E Ratio of 17.6 and EPS of 2.68.
Rio Tinto wins the market cap game, coming in at $25.8 billion and its shares are up 31.13% from its 52-week low.
The wildcaard Rio Tinto has going for it is its battle against vs. Ivanhoe Mines Ltd., if the company can come out ahead, its just another reason to go long on RTP.
July 13 (Bloomberg) -- Ivanhoe Mines Ltd. plans to scrap an accord limiting its ability to bring new investors into the $4.6 billion Oyu Tolgoi mining project in Mongolia, intensifying a dispute with Rio Tinto Group, its largest shareholder.
Ivanhoe issued Rio a 60-day notice of intention to dissolve the so-called strategic investor covenant, which governs Rio’s investment in the company, Vancouver-based Ivanhoe said today in a statement. Termination would free Ivanhoe to issue more than 5 percent of its stock to one or more investors, it said. Ivanhoe rose 14 percent in Toronto trading.
Rio, which owns 30 percent of Ivanhoe, said last week it was taking Ivanhoe to arbitration over a shareholders plan implemented by the Canadian company. At stake is the ownership of Ivanhoe and Oyu Tolgoi, which has been described by Rio as the world’s largest untapped copper and gold resource.
Gold rose today as the lowest prices in almost three months spurred demand. Futures yesterday fell the most in more than three weeks, dropping as low as $1,160.80 an ounce, as a rally in global equities eroded demand for bullion as an alternative investment.