KL - Eldorado rockets higher as Q3 production rises; miners score broad gains

Eldorado Gold (EGO +9.4%) leads a strong showing for gold stocks after reporting preliminary Q3 production increased 8% Y/Y to 125.5K oz., and saying strong YTD output will prompt a review of full-year production guidance and a potential upgrade. Eldorado (NYSE:EGO) says output from its largest mine, Kisladag in Turkey, rose 16% Q/Q to a higher than expected 51K oz., citing several operational improvements in the mine, crushing circuit, and leach pad earlier this year. Eldorado's overall gold production through the year's first nine months fell nearly 10% to 353.3K oz., but the miner had anticipated a bigger drop. Among other major gold miners: NEM +3%, GOLD +2.9%, KGC +5.1%, AUY +4.3%, AEM +3.6%, KL +3.6%, AU +3.6%, AGI +4.1%, HMY +4.7%, GFI +3.8%. Comex gold settled today near a one-month high, +2% to $1,794.70/oz., closing just short of the $1,800 handle as CPI data came in higher than anticipated.

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Eldorado rockets higher as Q3 production rises; miners score broad gains