Friday, April 16, 2010

Goldcorp (TSE:G), Barrick (TSE:ABX) and Jaguar Mining (TSE:JAG) Down

Goldcorp, Barrick Gold, Jaguar Mining all Drop

Goldcorp (TSE:G), Barrick (TSE:ABX) and Jaguar Mining (TSE:JAG) were all down today as gold futures and gold mining stocks took a hit from the uncertainty generated from the SEC charging Goldman Sachs with fraud.

Supposedly this has worried investors over whether there is a level playing field out there, but this is only something the SEC alleges, and yet has to be proven, so the news is in reality largely irrelevant, but does underscore how skittish investors are now that equities and commodities have been surging throughout 2010.

Most investors and analysts are starting to look for a correction, and it seems investors are more than ready to flee on any news that comes out which will have a negative effect on the markets.

Gold futures dropped the most since the early part of February, finishing down by 1.9 percent. For Jaguar Mining, they weren't simply affected by the news of Goldman Sachs, but by the announcement costs for the last quarter were larger than expected based on currency management issues. Shares in Jaguar dropped 6.5 percent on the day.

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