Gold Stocks Open Lower GDX Slides 1.4%

Gold stocks opened lower Tuesday as the Market Vectors Gold Miners ETF (GDX) fell $0.81, or 1.4%, to $56.03 per share. Weakness in gold stocks and the GDX was fueled by a bashful sell-off in gold bullion, which slid $11.03 to $1,666.17 per ounce, as able-bodied as backbone in the U.S. dollar.

In adverse to the GDX, gold stocks in Canada advanced, with the S&P/TSX Global Gold Index college by 2.0% at 395.40. However, the Canadian exchanges were bankrupt Monday for the nation’s Thanksgiving Day, so the majority of today’s assets are due to the “catch-up” afterward yesterday’s assemblage in U.S.-listed gold stocks.

Gold stocks in the account Tuesday included Agnico-Eagle Mines (AEM), which appear that third division gold assembly added 11% over the added division of 2011 to 265,978 ounces. The Canadian-based gold miner acclaimed that amount abstracts will be appear with the complete third division banking after-effects on October 26. Shares of AEM alone $1.64, or 2.8%, to $57.05 this morning.

Newmont Mining (NEM) appear the arrangement of Gary Goldberg as Executive Vice President and Chief Operating Officer and Brian Hill as Executive Vice President for Sustainability and External Affairs. Mr. Goldberg best afresh served as President and CEO of Rio Tinto Minerals, and has 30 years of acquaintance in the mining industry. Mr. Hill, Newmont’s Executive Vice President for Operations back 2008, will accept albatross for ecology administration and sustainability, amusing albatross and association and government relations. Shares of NEM aloof alongside the gold stocks sector, by $0.72, or 1.1%, to $64.55.

Gold stocks additionally came beneath a bit of burden from a address that Ghana is in altercation with gold mining companies in the West African nation to burden added taxes on the industry. Finance Minister Kwabena Duffuor told Reuters that the admiral was in talks with companies to potentially apparatus a asset tax. Notable gold companies operating in Ghana accommodate Newmont Mining, AngloGold Ashanti (AU), and Gold Fields (GFI). Shares of AU and GFI slid 0.5% and 1.3%, respectively.