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Gold Mining Stocks Still In Free Fall As Gold Price Stabilizes
Thursday, April 18, 2013 3:29
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The price of gold continued to stabilize on Wednesday, but the free fall in gold mining stocks that was sparked by the yellow metal’s recent decline went on.
Shares of Kinross Gold , a large gold producer, hit a fresh 52-week low, declining by 7.86%. Its stock is now down 49% in 2013. Novagold, a small and speculative gold mining play, saw its stock slump by more than 7%. Market Vectors Gold Miners, an ETF of large miners, was down more than 5%, and an ETF for smaller so-called junior miners also fell by more than 5%.
