Gold Stocks Extend Losses, GDX Hits 6-Week Low

Gold stocks extended their losses in early afternoon trading on Thursday, with the Market Vectors Gold Miners ETF (GDX) tumbling as much as $4.98, or 7.8%, to $59.30 per share.  The weakness in gold stocks and the GDX was fueled by a sell-off in gold futures, which dropped to an intra-day low of $1,723.20 per ounce, amid broad-based liquidation on Wall Street.
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Gold Price Awaits Fed Meeting, With a “Twist”

The gold price held near $1,800 per ounce Wednesday morning as the markets await the outcome from today’s Fed meeting.  While the price of gold stabilized, silver rose 0.6% to $39.98 per ounce.  U.S. equity markets looked to open slightly lower, with S&P futures down 1.30 to 1,194.70.  European markets were lower across the board after euro zone meetings on the Greek bailout proceeded but thus far led to no concrete outcome.
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Sunridge Gold Raises Stake in Besakoa Project

 

Sunridge Gold (SGC.TSXV) announced that the initial 5,000 meter diamond drill program on the Besakoa copper/zinc/gold volcanogenic-massive-sulphide (VMS) project in Madagascar is now complete.  The emerging gold Company noted that core samples have been shipped to the laboratory and assay results are expected next month.
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