Goldcorp: The Picture of a Bull Market
Jun 4th, 2008 | By Brian Hunt | Category: Gold MarketIt’s a quick task to keep an eye on large-cap gold mining. Just a handful of companies sport market values above $10 billion. Near the top is Goldcorp.
Goldcorp is one of the largest and best-managed gold miners in the world. Most of its assets reside in Canada – one of our favorite destinations for resource investment. As you can see from our chart today, this bellwether is exhibiting the signs of a bull market.
A bull market is defined by its tendency to make “higher highs and higher lows.” Goldcorp’s chart below is a classic example. Since correcting down below $22 a share last year, Goldcorp now sits at $40. Each rally reaches a little higher than the previous one. Each decline fails to reach previous lows.
Our colleague David Galland put it in simple terms back in March. After years of digesting higher production costs, big gold miners are reaping the benefits of $900 gold. Cash flow is increasing… and it’s a bull market in gold stocks.
Source: Goldcorp: The Picture of a Bull Market
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