Gold, Gold Miners Taken to Cleaners Ahead of Key Economic Data (NEM) (AUY) (GG) (
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Price: $43.81 +13.50%
Overall Analyst Rating:
BUY (= Flat)
Dividend Yield: 4.7%
Revenue Growth %: +48.9%
Overall Analyst Rating:
BUY (= Flat)
Dividend Yield: 4.7%
Revenue Growth %: +48.9%
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Gold miners and related stocks were weak on Monday, with popular names like Newmont Mining Corporation (NYSE: NEM), Barrick Gold Corporation (NYSE: ABX), Goldcorp Inc. (NYSE: GG), Yamana Gold, Inc. (NYSE: AUY) and others in the red. The decline in gold-related equities came as gold prices slumped to $1220/oz ahead of Friday's critical jobs report and other key economic data later this week. If positive, Friday's data could set the stage for the Fed to taper in December. This is viewed as a negative for precious metals.
Related ETF Market Vectors Gold Miners (NYSE: GDX) declined 5.75% intraday and Market Vectors Junior Gold Miners ETF (NYSE: GDXJ) fell 6.5%.
SPDR Gold Shares (NYSE: GLD) dropped nearly 2.5%.
Related ETF Market Vectors Gold Miners (NYSE: GDX) declined 5.75% intraday and Market Vectors Junior Gold Miners ETF (NYSE: GDXJ) fell 6.5%.
SPDR Gold Shares (NYSE: GLD) dropped nearly 2.5%.
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