Wednesday, January 5, 2011

Barrick Gold (NYSE:ABX), Goldcorp (NYSE:GG), Newmont (NYSE:NEM), Eldorado Gold (NYSE:EGO), Agnico-Eagle (NYSE:AEM) All Plunge on Gold Price Fall

While measured by percentage gold didn't do as badly as silver on Tuesday, the amount of the drop, which was more than the price of an ounce of silver, turned heads earlier in the trading session, with gold miners like Barrick Gold (NYSE:ABX), Goldcorp (NYSE:GG), Newmont (NYSE:NEM), Eldorado Gold (NYSE:EGO) and Agnico-Eagle (NYSE:AEM) taking some heavy damage, but recovering some later in the day.

Silver miners didn't fare as well overall, as spot silver plunged 4.2 percent while gold's drop was only 2.6 percent. Spot gold fell to $1,377.80 an ounce.

Most of this was generated by investors taking profits from the good year they had in 2010, along with some news that gave the market a little bump because it had some tenuous connection to a perceived recovery. Taking profits was the main reason, with economic news being an excuse to take the profits.

Angico-Eagle closed Tuesday at $71.97, falling $1.39, or 1.89 percent. Eldorado Gold closed at $17.85, losing $0.51, or 2.78 percent. Newmont closed down at $59.08, dropping $2.01, or 3.29 percent. Goldcorp ended the session at $44.53, falling $0.50, or 1.11 percent. Barrick Gold finished the day at $51.67, losing $0.92, or 1.75 percent.

No comments: