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Gold Mining Stocks & ETFs Fall Amid New EU Optimism, Weak Earnings
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Gold mining stocks and ETFs declined almost universally on Tuesday. Some companies have seen major drops based on recently-reported earnings, but overall, the gold sector is down as a whole amid new European Union optimism.
The results of the recent first-round French presidential election provided renewed EU optimism as centrist and pro-EU candidate Emmanuel Macron edged ahead of far-right, leave-EU candidate Marine Le Pen. A run-off election is set for early May that could help to determine the strength of the EU moving forward.
The newfound hope that France will not elect a leader who hopes to remove the country from the EU has helped stabilize markets. This leaves gold in a bad spot, as it is regularly used as a fallback investment during uncertain times.
Gold was down 0.92% to $1265.70 through afternoon trading on Tuesday, a day after falling
0.9%—its biggest one-day loss since March 10. Aside from investors moving money out of gold, one major gold mining company took a big hit after reporting its first quarter earnings.
Barrick Gold Corporation stock was down 11.16% to $16.92 per share in late afternoon trading on Tuesday. Barrick missed earnings expectations, but more importantly, the Argentina-based company lowered its full-year production guidance.
Newmont Mining Corporation (NEM - Free Report) was down 2.67% to $32.81 per share after the company missed sales estimates. Some of the other best performing gold and gold mining stocks were also down on Tuesday.
Canadian gold mining companies McEwen Mining Inc. (MUX - Free Report) and Klondex Mines Ltd. fell roughly 4% and 2.5% respectively. Compania de Minas Buenaventura S.A.A. (BVN - Free Report) was down 1.88%, while DRDGOLD Limited (DRD - Free Report) dropped over 6%.
Three of the top gold ETFs were also down on Tuesday. Shares of both SPDR Gold Shares (GLD - Free Report) and iShares Gold Trust (IAU - Free Report) fell roughly 1%. VanEck Vectors Gold Miners ETF (GDX - Free Report) was down 4.44% on Tuesday.
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Gold Mining Stocks & ETFs Fall Amid New EU Optimism, Weak Earnings
Gold mining stocks and ETFs declined almost universally on Tuesday. Some companies have seen major drops based on recently-reported earnings, but overall, the gold sector is down as a whole amid new European Union optimism.
The results of the recent first-round French presidential election provided renewed EU optimism as centrist and pro-EU candidate Emmanuel Macron edged ahead of far-right, leave-EU candidate Marine Le Pen. A run-off election is set for early May that could help to determine the strength of the EU moving forward.
The newfound hope that France will not elect a leader who hopes to remove the country from the EU has helped stabilize markets. This leaves gold in a bad spot, as it is regularly used as a fallback investment during uncertain times.
Gold was down 0.92% to $1265.70 through afternoon trading on Tuesday, a day after falling
0.9%—its biggest one-day loss since March 10. Aside from investors moving money out of gold, one major gold mining company took a big hit after reporting its first quarter earnings.
Barrick Gold Corporation stock was down 11.16% to $16.92 per share in late afternoon trading on Tuesday. Barrick missed earnings expectations, but more importantly, the Argentina-based company lowered its full-year production guidance.
Newmont Mining Corporation (NEM - Free Report) was down 2.67% to $32.81 per share after the company missed sales estimates. Some of the other best performing gold and gold mining stocks were also down on Tuesday.
Canadian gold mining companies McEwen Mining Inc. (MUX - Free Report) and Klondex Mines Ltd. fell roughly 4% and 2.5% respectively. Compania de Minas Buenaventura S.A.A. (BVN - Free Report) was down 1.88%, while DRDGOLD Limited (DRD - Free Report) dropped over 6%.
Three of the top gold ETFs were also down on Tuesday. Shares of both SPDR Gold Shares (GLD - Free Report) and iShares Gold Trust (IAU - Free Report) fell roughly 1%. VanEck Vectors Gold Miners ETF (GDX - Free Report) was down 4.44% on Tuesday.
More Stock News: This Is Bigger than the iPhone!
It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 27 billion devices in just 3 years, creating a $1.7 trillion market.
Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 6 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2020. Click here for the 6 trades >>