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General Motors Company Message Board

  • personality_less personality_less Apr 15, 2013 12:48 PM Flag

    How's gold and those gold mining stocks doing today?

    Gold futures sank Monday, losing nearly 8% at one point to touch a low under $1,400 an ounce, as the metal extended its dive into a second straight session and pushed further into bear-market territory.

    The broader metals complex also suffered, with silver down more than 10%, after disappointing Chinese data sparked worries of industrial metals demand.

    Mining firms were hard hit by the selloff, with shares of Freeport-McMoRan Copper & Gold Inc. /quotes/zigman/154700/quotes/nls/fcx FCX -7.52% dropping 6.1% and Newmont Mining Corp. /quotes/zigman/235723/quotes/nls/nem NEM -5.03% down 6.7%, as resource stocks led the S&P 500 index /quotes/zigman/3870025 SPX -1.31% lower.

    Gold for June delivery /quotes/zigman/647778 GCM3 -8.17% tumbled $103.80, or 7%, to $1,397.60 an ounce on the Comex division of the New York Mercantile Exchange. Prices dropped to as low as $1,385. If prices close below $1,400, that will mark the lowest close for a most-active contract since at least March 2011, according to FactSet data.

    Sentiment: Buy

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