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Tuesday
Nov042008
Kinross Gold Corporation Up 19.33% today!
Tuesday, November 4, 2008 at 05:16PM
What a day for the fans of Kinross Gold Corporation improving 19.33% for gain of $2.80, on a lower than average volume of 8.57 million shares traded as gold shot out of the blocks and put on $42.00 to trade at $764.00 as we write.
A terrific bounce by KGC, however, it now remains to be seen if Kinross can sustain a reasonable rally. Note the MACD’s golden crossover and the other technical indicators are also heading north which is encouraging. However we cannot place a lot of store in these indicators at the moment as we are on the eve on an election and there is no telling how the markets will receive the result.
This rise in the stock price as also brought our ‘dead in the water’ Call Options back to life as they closed at $0.45 today. We have until January for these Call Options to improve so we will look for a suitable exit for this trade.
Kinross Gold Corporation has a market capitalisation of $7.90 billion, a P/E ration of 25.29 with 615 million shares outstanding.
Kinross Gold Corporation trades on the Toronto stock Exchange under the symbol of ‘K’ and on the New York Exchange under the symbol of ‘KGC’
Have a good one.
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Reader Comments (6)
I would like to let you know, guys, today Im starting to short gold as planning on a former comment (shorting on KGC, GLD, HL) with a options strategy. Nice entry point today.
:-)
Care to comment on High River Gold which you recommended when it was trading at $2+.
Now is about 6 cents.
John, One of our speculative picks and we got wrong and have paid the price.
Chimera, Thank you for sharing your strategy with us it is very much appreciated. Please let us know how it works out for you.
Re: HRG
Do you mean the nails are in the coffin? Period.
John
John, Dont know about the coffin but the company is having difficulty in arranging finance.