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Monday, July 19, 2010

Barrick (NYSE:ABX), Goldcorp (NYSE:GG), Newmont (NYSE:NEM) Crushed as Gold Demand Wanes

Gold companies continue to slide on the weakening demand for gold, and Barrick Gold (NYSE:ABX), Goldcorp (NYSE:GG) and Newmont Mining (NYSE:NEM) were all down in New York today as gold prices continue to drop.

Spot gold was at $1,184.10 at 4:00 PM EDT, rebounding some after plunging earlier in the day, down about $8.90 at that time.

Other than the usual downturn in gold during the summer months, some of the reasons for the gold miners to fall, along with gold prices, is that inflation seems to be very low, and investors aren't taking into account the sovereign debt crisis in Europe, even though it's as bad as ever, contrary to mainstream media accounts.

Today Moody's (NYSE:MCO) downgraded Ireland government bonds, a sober reminder of the crisis still going on in Europe, and which is far from being under control.

1 comment:

Al said...

That's right, the EU debt crisis is not going anywhere and it will be one good reason for prices to comeback. It's a matter of when? Indian festivals after summer?