There’s been a lot talk around gold lately, but where is it going to next? The price of gold has come off of hits all-time highs and has many people looking to find support while others saying it’s the end of the gold bull run. They say it takes both sides to make a market and the reality is likely something in between.

Looking quickly at the chart there seems to be a few support levels at around 1320 so keep an eye on that. I would expect to see a bounce off of those support levels and to move back towards 1400 again. Time will tell.

How About Some Gold Penny Stocks?

This isn’t a gold blog; it’s a penny stocks blog, so why talk about the price of gold without mentioning a few gold juniors for you to look at:

Eastmain Resource (ER.TO) trading at $1.70 focuses on Canadian exploration. This stock has come off its highs and seems to be trending downward but is bouncing around a support level right now. The next level of support is around the $1.50 mark. It’s thinly traded these days so may be tough to get in to.

High River Gold (HRG.TO) trading at $1.24 is more internationally focused but trades in Canada. They have interests in producing mines as well as exploration projects. The stock price is a bit jumpy in this one, with yoyo moves from about $1.15 back to $1.40 a few times in the past months but they’ve recently had some movement in their board of directors, so after giving them some time to adjust keep them in your sights.

Trade Winds Ventures (TWD.V) trading at $0.36 focuses on Canadian gold exploration in BC and Ontario. They have a project in the Abitibi Greenstone belt in North-eastern Ontario, a prolific gold mining region which has produced over 65% of Canada’s gold. The price of this stock has been moving in the right direction of the past 6 months and its recent pullback mirrors that of gold.

There you have it. Three gold juniors that you may want to look at as penny stock plays on the price of gold. These companies have the chance to appreciate based on the price of gold and on their own growth prospects so really it’s a win-win if they’re able to produce the goods.

*Disclosure – no position in these companies at time of writing.

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