Barrick (NYSE:ABX), Goldcorp (NYSE:GG), Newmont Mining (NYSE:NEM), Gold Fields (NYSE:GFI) Crushed Again on Weak Gold Prices

While it was expected the mid-cap gold miners would take the most heat from the recent drop in gold prices, the large caps like Barrick (NYSE:ABX), Goldcorp (NYSE:GG), Gold Fields (NYSE:GFI) and Newmont Mining (NYSE:NEM) continue to get hit hard by the temporary trend.

They all closed down on Wednesday, as gold prices ended the day in the negative again, although showed signs of leveling after plummeting below $1,365 an ounce earlier in the session.

Once the new year acceleration slows down as far as optimism goes, things will revert back to normal and people will again look at data and facts and respond less from emotion, although traders and speculators are loving this.

Every scrap of economic data that can be used in a positive way at this time, and until that ends, we'll continue to see gold prices and other commodity prices remain under pressure.

That shouldn't take too long, but it's hard to tell depending on the quality of data being referenced.

Gold will continue its upward climb though, and gold miners will track along with it.