Gold Mining Stocks Get Their Skulls Cracked (GDX)
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Investors who have been hiding in gold mining stocks had their skulls cracked Thursday as Market Vectors Gold Miners ETF (NYSE: GDX) sold off 4.3 percent intra-day after testimony from Fed chairman Ben Bernanke failed to deliver on hopes for QE3.
Mining stocks have been the safe-haven du jour recently, popping whenever broader markets sold off, and descending whenever the S&P moved higher. This morning, with most sectors in the S&P flat, gold mining stocks are getting wrecked.
Barrick Gold Corporation (NYSE: ABX) shares are lower by nearly 5 percent and shares of Goldcorp Inc. (NYSE: GG) are 3.6 percent lower.
Mining stocks have been the safe-haven du jour recently, popping whenever broader markets sold off, and descending whenever the S&P moved higher. This morning, with most sectors in the S&P flat, gold mining stocks are getting wrecked.
Barrick Gold Corporation (NYSE: ABX) shares are lower by nearly 5 percent and shares of Goldcorp Inc. (NYSE: GG) are 3.6 percent lower.
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