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Tuesday, July 6, 2010

Barrick (NYSE:ABX), Newmont(NYSE:NEM), Goldcorp (NYSE:GG) All Down as Investors Move to Equities

Barrick Gold (NYSE:ABX), Newmont Mining (NYSE:NEM) and Goldcorp (NYSE:GG) are all down in today's trading session as investors move their money into equities, hoping for what some believe will be a rally after stocks got pummeled last week.

The three giant gold miners are participating in the drop in gold prices, with investors ignoring risk and safety today in hopes of making some quick gains.

Nothing has changed to warrant this other than the stock market plunging on weak economic news, so we can expect this to reverse itself once the idea making a quick buck on what is hoped to be a temporary rebound plays itself out.

It'll be interesting to see how long it continues before stocks get hit again and gold resumes its upward journey.

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