Goldcorp (GG) is a gold mining company as the name implies. It was founded in the year 1954 with its head quarters in Vancouver, British Columbia, Canada. It deals with mining of gold, exploration, extraction, processing and reclamation of precious metals. Some of its operating assets include mines in Canada, the United States of America, Mexico and Central and South America.
Goldcorp is involved with the sale of gold, copper, lead, zinc and silver. It is a very large company and its different segments includes Red Lake Gold Mines Ontario Partnership (Red Lake), Goldcorp Canada Ltd./Goldcorp Inc. (Porcupine), Musselwhite, Les Mines Opinaca Ltee (Eleonore), Minera Penasquito S.A. de C.V. and Camino Rojo S.A. de C.V. (Penasquito), Desarrollos Mineros San Luis S.A. de C.V. (Los Filos), Montana Exploradora de Guatemala S.A. (Marlin), Oroplata S.A. (Cerro Negro), Corredor SpA (Project Corridor), Minera Alumbrera Limited (Alumbrera), El Morro and Pueblo Viejo Dominicana Corporation (Pueblo Viejo).
Canada’s mining sector has enjoyed some profitable gains in the first quarter of this year all thanks to the rising gold prices, performing better than both Toronto Stock Exchange and London Metals Exchange.
As at Wednesday the 1st of June 2016, Goldcorp shares were under pressure; down 1.42% to $16.66 along with declining gold and dollar gaining the upper hand. Gold delivery for June was retreating to 0.66% to $1,214.60 per ounce on the Commodity Exchange (COMEX). The United State Dollar Index was recently up to 0.3% against a lot of foreign currencies with the expectation that the Federal Reserve will increase its rates soon.
An economic data was released today, showing that the United States of America’s consumer confidence declined in May; this caused Goldcorp shares to jump 2.29% to 16.98 as gold futures edged higher.
As at the early afternoon of 1st of June 2016, Goldcorp stock gained by 1.64% to $16.14 on the stock market, as the shares of this Canadian gold mining company benefited from the rising gold prices.
Due to declining global equities, gold for June delivery is increasing by 0.88% to $1,230 per ounce on the (Commodity Exchange) COMEX.
An analyst reported that quite a number of investors are seeking refuge in gold and other metals as stocks around the globe declined a lot more than was expected from the economic data previously provided by Germany and the United States of America.
RJO Futures senior market strategist Phil Streible said, “Investors are taking off riskier assets in the S&P 500 and other equities, and looking to come back into safety like gold, Gold looks like a nice place to park some money.”
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Experts report that gold prices are rising as expectations for a December interest rate increase decline because of disappointing durable-goods orders in the United States of America.
The constant rise in value of dollar along with domestic interest rates has made it more expensive to hold gold and other dollar denominated commodities abroad.