Premarket Sector Watch: Gold stocks show early gains (IAG, AUY, AU, GG, AEM)

Posted in General 
June 26th, 2009

Gold stocks are among the more active groups in premarket trading this morning, as spot prices for the metals rise for a fourth day in a row, and may be set to post a weekly gain for the first time this month.

The rise in gold comes as the dollar index fell. One reason may be that continued losses at banks such as UBS AG (NYSE: UBS) , which warned and did a dilutive stock offering last night, may increase the chances that more government economic stimulus is necessary, a potentially inflationary event that would tend to hurt the dollar and raise gold prices.
 
The gold stocks making moves include Iamgold Corp (NYSE: IAG), up more than 2%, on fairly active premarket volume. Others moving at least 1 percent higher include Yamana Gold Inc. (NYSE: AUY), AngloGold Ashanti Ltd. (NYSE: AU), Goldcorp. Inc (NYSE: GG), Agnico-Eagle Mines Ltd. (NYSE: AEM) and BarrickGold corp (NYSE: ABX). — Mike Tarsala

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