Top resource ideas: Momentum trader buys Goldcorp (GG)

Goldcorp (NYSE: GG) is a new buy recommendation in the Emerging Market Leaders Portfolio at The Coolcat Report. Here's the latest from momentum trader, Kevin Kennedy.

"Goldcorp is one of the world's lowest-cost and fastest growing multi-million ounce gold producers. The company also mines silver and copper. A Canadian company, GG is based in Vancouver and employs more than 9,000 people worldwide.

"Goldcorp has 18 operations and development projects focused primarily throughout the Americas, including Canada, the U.S., and Mexico, as well as Argentina, Brazil, Chile, the Dominican Republic, and Guatemala. The company also owns a gold mine in Australia.

"Gold production for the six months ended June 30 increased 63% to 11 million ounces compared with 674,000 ounces in 2006. Goldcorp paid $31.7 million in dividends to shareholders in the second quarter of 2007. The company has annual sales of $2 billion. Its gold production remains 100% unhedged.

"The stock has jumped 49% in the past two months and is up 6% since I added it to the Emerging Market Leaders Portfolio Oct. 15. The move comes as gold trades at 27-year highs and is within spitting distance of cracking the $800 mark. It's definitely a good idea to have at least some gold exposure here, and Goldcorp is an excellent proxy for the group."