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« Siverado: Up 19.05% So Far Today! | Main | Investor Relations »
Friday
Jun292007

Kinross Gold Corp: Add to Holdings

During this gold bull market, whenever a quality gold stock such as Kinross Gold experiences a pullback it is certainly a good time to add to your holdings and if you haven't acquired any of this gold stock, now may be a good time to start building a position.

Kinross Gold Corp Add to Holdings

Why?

Kinross Gold Corp is going through such a pullback at the moment and this presents investors which a great buying opportunity, in our humble opinion.

Fundamentally, Kinross is a good gold stock that we like very much and was one of our favourite along with Bema Gold. When Kinross bought Bema then of course it made us like Kinross even more. You can read more on Bema and Kinross in our archives.
Kinross has projects in Canada, USA, Brazil, Chile and Russia.

Technically speaking, this stock has a RSI of 33.21 and has turned up slightly from the bottom of the RSI range, a bullish sign. Also the MACD and STO are very low indicating a buy signal today.

From simply looking at the chart, one can see the previous pullbacks, circled in red, and it is our belief that this is another one of these pullbacks that the stock should be acquired on.

On the most recent pullback, KGC fell to around 10.80 before rising to over 14.50 in a few months, a rise of over 34%. On the one before that, the stock fell to 8.92 but then increased 72% to 15.39. The pullback proceeding that saw the stock price falling to 8.77 and then rising to 13.12 a increase of nearly 50%.

Applying these percentage rises to today's stock price, the most conservative estimate for a rise is 34% which would see Kinross stock trading for 15.66 and most cavalier would show KGC trading for 20.10 and an average of all the previous percentage gains would see and increase of over 52% which would send the stock price of Kinross Gold Corp to 17.77

Kinross Gold Corp

Regardless of the short term movements in stock price, in the long term we see Kinross going much higher as gold prices climb into four figures and we see this as a good point to add to existing stock holdings or acquire a stock position if one does not already have one established.

Kinross shares are currently trading at a price of $11.66 and KGC has a market cap of $6.9 billion, gold prices at the moment are $649.70

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