Gold prices gained on Monday following the 2% losses it showed earlier in the day, after the Swiss voted against a referendum that would require its national bank to increase its gold reserves, Reuters reports.
Gold began to bounce back today to a peak of $1,193.70, Reuters added. Demand for gold was on the rise as Moody's cut Japan's sovereign rating, which sent the Japanese yen to a seven-year low, Reuters noted.
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"The market had been focusing on the Swiss referendum, and the reaction to that was overdone on the downside. Then the Japanese rate cut caught a raw nerve," the head of precious metals at the Bank of Nova Scotia, Simon Weeks, told Reuters.
Separately, TheStreet Ratings team rates GOLDCORP INC as a Hold with a ratings score of C-. TheStreet Ratings Team has this to say about their recommendation:
"We rate GOLDCORP INC (GG) a HOLD. The primary factors that have impacted our rating are mixed some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures, notable return on equity and expanding profit margins. However, as a counter to these strengths, we also find weaknesses including unimpressive growth in net income, weak operating cash flow and feeble growth in the company's earnings per share."