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Spot Gold Prices Set For Breakout: Analysts

Precious metal mining stocks were largely falling during the trading session, with some exceptions. Mining stocks offer another form of exposure to precious metals.

Market Vectors Junior Gold Miners ETF (GDXJ) was falling 2.6% to $36.94 and Barrick Gold (ABX - Get Report) was down 3.5% to $48.24. Yamana Gold (AUY - Get Report) was falling 1.9% to $12.10.

Shares of Brigus Gold (BRD) were up 0.5% to $1.84. This junior gold stock is a favorite of Casimir's Atwell. He noted that 2010 was an "excellent year" for junior gold shares, with the The Casimir Junior Gold index rising 47.6% during 2010 compared with 29.4% for the Major Gold share index and 29.7% for gold. He expects that 2011 will be another strong year for junior gold shares.

Reasons Atwell is bullish on junior gold companies include the ability of junior gold miners to tap into the entire gold property population, whereas intermediate and major gold companies can only pursue 5% to 10% of the available properties, given that they need the bigger projects.

"A new discovery would have more impact on a junior because their denominator's smaller," he explained. "The majors are going to have to replace depleting resources whereas the juniors will be ramping up, and that probably wouldn't be an issue." He also noted the potential for more merger and acquisition activities among the juniors than the majors.

ETFS Physical Platinum Shares (PPLT) were up 0.4% to $179.86, while North American Palladium (PAL) was rising 2.9% to $7.40.

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-- Written by Andrea Tse in New York.

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GDXJ $18.76 -1.90%
PPLT $80.74 -0.57%
ABX $7.15 -3.10%
AUY $1.99 -4.33%
PAL $0.04 -10.48%


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