A Few Lagging Gold Names (GDX, NXG, EGI, GRZ)

With gold totally breaking out of the old power-band, it is interesting that a few players are still lagging the pack.  Many of these stocks are up 7% and closer to 10% now that many feel the $1,000.00 mark may become the new floor for gold.  To show how strong the group is with gold over $1,040.00, the Market Vectors Gold Miners ETF (NYSE: GDX) is up over 6% at $47.20.  We’d also make note that these are small AMEX shares and most have dual listings elsewhere.  We of course screened out all OTC and Pink Sheet stocks in this search today.

Northgate Minerals Corp. (AMEX: NXG) is up 3.7% at $2.78.  This is just one of the smaller players and it hasn’t exactly been left out of the mix as it has traded twice its normal volume: 5,281,667 vs. 2,375,400.  It is probably a bit sad when “only a 3.7% gain” is still lagging the pack.

Entree Gold Inc. (AMEX: EGI) is actually down today after a news release that it “welcomes the signing of the investment agreement between our joint venture partner, Ivanhoe Mines (NYSE: IVN), our largest shareholder Rio Tinto (NYSE: RTP) and the Mongolian government.  This one is down 4.3% at $2.85, but trading volume is above normal here too: 614,413 vs. 254,700.

Gold Reserve Inc. (AMEX: GRZ) is down almost 1% but this is also because of such a low share price and a discrepancy between the bid and ask.  Shares are more active here as well: 277,179 vs. 140,282.

JON C. OGG
OCTOBER 6, 2009