Gold had been taking it on the chin in recent days as global growth fears had everyone running out of assets. Global growth concerns have been weighing heavily on gold as people look to move out of assets. Without an uptick tomorrow, gold is heading for its fourth week of consecutive losses.
Weighing on market sentiment, the SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said that its holdings dropped over .5% to just over 1.2 tonnes.
Definitely been a hard few months for the gold bulls, but they may find solace in the Chinese slowdown. Plus Europe is still Europe. Add in an election year with tax implications. Still might make a bull out of this yet.
Kinross Gold Corporation (NYSE:KGC) ended the day down 1.19% at $9.94. KGC traded lighter than normal volume with 6.8 million shares traded. It usually trades 9.1 million shares a day on average. KGC shares have dropped close to $2 a share in the past month. The company has a market cap of 11.31 billion.
Yamana Gold, Inc. (NYSE:AUY) closed Thursday down 1.54% at $15.38. AUY traded just over 7 million shares today which is about what it trades on average. AUY shares dipped today after bouncing about $0.70 on Tuesday and Wednesday. The company has a market cap of 11.47 billion.
Goldcorp Incorporated (NYSE:GG) fell 0.45% today and closed at $43.82. GG traded 4.4 million shares today, off its daily average of 5 million shares. Over the past five days, GG has whipsawed up and down between $42.80 – $44.60. The company has a market cap of 35.49 billion.
Iamgold Corporation (NYSE:IAG) dropped 1.64% today and finished at $13.19. IAG traded 2.6 million shares today, well above its daily average of 2.5 million shares. IAG shares are down more than $4 a share in the past month. The company has a market cap of 4.96 billion.
New Gold Inc. (AMEX:NGD) closed down 3.70% at $9.11. NGD traded 2.4 million shares today, slightly below its daily average of 2.8 million shares. New Gold announced today it will acquire 223 additional square km of prospective ground near its Blackwater project. The company has a market cap of 4.20 billion.
Barrick Gold Corporation (NYSE:ABX) dropped 1.26% today at $43.08. ABX traded 6.9 million shares today, just short of its daily average of 7.3 million shares. ABX shares have fallen about $7 a share over the past month. The company has a market cap of 43.10 billion.
SPDR Gold Trust (NYSEARCA:GLD) finished the day down 0.40% at $159.57. SPDR recovered some in after hours trading, going up 0.24%. GLD traded 11.1 million shares today, slightly below its daily average of 12.2 million shares.
Eldorado Gold Corp. (NYSE:EGO) went down 1.75% today at $12.88. EGO traded 3.4 million shares today and trades about 3.6 million shares a day on average. Eldorado Gold provided an update today on its activities in Greece. Hellas Gold, a subsidiary of Eldorado Gold, received approval of the Technical Study of Skouries Project from the Ministry of Environment and Climate Change. The company has a market cap of 7.10 billion.