Gold Price Sends Gold Stocks Lower

A market wide sell off is affecting the price of gold today. Investors’ worries grew today as a deadline between debt holders and Greece is quickly approaching. Representatives for Greek bond holders have said that a Greek default could cause more than $1.3 trillion in damage to the region. The deadline for accepting a bond swap is Thursday night and will cause creditors to lose 75% of the value of their bonds.

Stocks are down across the board today with the Dow down 195 points, the Nasdaq has slipped 43 points and the S&P 500 is down 21 points.

Gold prices are also taking a hit today. Gold for April delivery is trading down $36.00 right now at $1,667.90. Gold stocks in turn are also trading negative today. Gold prices have fallen steadily since Ben Bernanke gave no indication of additional monetary easing when speaking to members of Congress last week.

Kinross Gold Corporation (NYSE:KGC) is down 3.56% today at $10.30. KGC has traded 5.2 million shares so far today and trades 8.7 million shares a day on average. KGC shares have fallen more than $1 from $11.40 to $10.30 over the past five trading days. The company has a market cap of 11.72 billion.

Yamana Gold, Inc. (NYSE:AUY) is down 4.23% in midday trading at $16.09. AUY is trading heavy volume today with 5.2 million shares traded already today. The stock trades 6.8 million shares a day on average. AUY shares have fallen more than $2 a share in the past week. The company has a market cap of 12.03 billion.

Goldcorp Inc. (NYSE:GG) is down 3.19% today at $46.42. GG has traded 3.6 million shares in midday trading and trades 4.8 million shares a day on average. Goldcorp has tumbled nearly $5 a share in the past five days. The company has a market cap of 37.57 billion.

Barrick Gold Corporation (NYSE:ABX) is down 3.10% in midday trading at $45.27. ABX has traded 4.8 million shares so far today and trades a touch over 7 million shares a day on average. ABX shares are down about $5 over since last Wednesday. The company has a market cap of 45.29 billion.

Iamgold Corporation (NYSE:IAG) is down 1.26% today at $14.05. IAG has traded 1.6 million shares in early afternoon trading and trades 2.4 million shares a day on average. Iamgold is down about $1.50 over the past week. The company has a market cap of 5.28 billion.

New Gold Inc. (AMEX:NGD) is down 4.48% today at $10.05. NGD has traded 2.1 million shares so far today and is looking to finish the day above its average volume of 2.7 million shares. NGD shares have taken a big hit over the past five days. The stock has fallen from $12.60 to around $10 a share. The company has a market cap of 4.64 billion.

Eldorado Gold Corp. (NYSE:EGO) is down 3.15% today at $13.83. EGO has traded 2.2 million shares in midday trading and trades 3.7 million shares a day on average. EGO shares have dropped about $2 a share since last Thursday. The company has a market cap of 7.64 billion.

SPDR Gold Trust (NYSEARCA:GLD) is down 2.24% in midday trading at $161.90. GLD has traded 10.8 million shares so far today and trades 12.8 million shares on average. GLD has fallen about $13 a share since last Wednesday.