Gold Stocks (GDX) Tumble as Gold Sinks Below $1,800

Gold stocks fell Wednesday as the Market Vectors Gold Miners ETF (GDX) dropped $1.86, or 2.9%, to $63.48 per share.  The sell-off in gold stocks and the GDX was fueled by substantial weakness in gold bullion, which plunged over $80.00 to $1,794 per ounce.  Canada’s leading gold stocks composite, the S&P/TSX Global Gold Index, retreated 2.5% alongside the GDX.
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Fed’s Evans Calls for “Very Significant” Stimulus

Federal Reserve Bank of Chicago President Charles Evans elaborated today on his call from last week for the Fed to provide further monetary stimulus.

In a speech on Wednesday at the European Economics and Financial Centre’s Distinguished Speaker Seminar, Evans stated that “Given how truly badly we are doing in meeting our employment mandate, Read More »

Gold Price Dives $92 in Last 30 Hours

The gold price slid 2.5% Wednesday, declining $46.20 to $1,829 per ounce.  After trading to a new all-time high early yesterday, the price of gold has plunged $92 over the past 30 hours.  Cyclically-sensitive assets climbed higher with stock prices rising 1% as measured by the most actively traded S&P 500 futures contract.  Oil rose 1% to $85.90 per barrel while copper gained 1.1% to $4.12 per pound.
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