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7 Nov 2014
Gold miners in the US bleed
FXStreet (Mumbai) - The decline in the Gold prices that began from USD 1900/Oz few years ago has pushed the Gold mining companies’ share prices to decade lows.
The Gold mining stock was dumped heavily during the last week. Barrick is now at one-fifth of its peak value hit in 2011 and appears poised to hit the decade low in the days ahead. Goldcorp is down to one-half of its 2011 peak price, and currently trades at 2008 lows. Meanwhile, Newmont is trading below its 2008 lows, fast approaching the levels last since in 2002.
Given , that the yellow metal is still relatively overvalued to Silver and other commodities like Crude, a further weakness in Gold as well as Gold mining stocks is possible.
The Gold mining stock was dumped heavily during the last week. Barrick is now at one-fifth of its peak value hit in 2011 and appears poised to hit the decade low in the days ahead. Goldcorp is down to one-half of its 2011 peak price, and currently trades at 2008 lows. Meanwhile, Newmont is trading below its 2008 lows, fast approaching the levels last since in 2002.
Given , that the yellow metal is still relatively overvalued to Silver and other commodities like Crude, a further weakness in Gold as well as Gold mining stocks is possible.