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Gold Miners Follow Gold Downward

Annie Gilroy
Gold Miners Follow Gold Downward

Along with gold, gold stocks fell yesterday. Gold stocks usually act as a leveraged play on gold prices. While gold prices (GLD) fell 0.4% yesterday, the VanEck Vectors Gold Miners ETF (GDX) fell 0.8%. The losses were led by Eldorado Gold (EGO), New Gold (NGD), Goldcorp (GG), and IAMGOLD (IAG), which fell 2.7%, 2.4%, 1.9%, and 1.4%, respectively. Excluding Goldcorp, these stocks are much more leveraged to gold prices than other GDX components because of their higher operational or financial leverage. Eldorado Gold and New Gold have been facing mine issues, impacting their performance this ...