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What Drives Gold Mining Stocks Down?
Thursday, April 4, 2013 2:38
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Yamana (AUY), IAMGOLD (IAG), Kinross Gold (KGC), Agnico-Eagle Mines (AEM), Newmont Mining (NEM)
Gold stocks followed the price of gold lower as investors poured out of safe-haven assets and into equities. BullionVault released a survey on Tuesday, finding that private investors continued to add gold to their portfolios in March but at a slower pace when compared with February. The index moved to 53.2 in March from 54.4 in February, and marked the third-consecutive month of fall.
What Now: Gold prices declined today, extending the previous day’s sharp fall, as the metal’s appeal as a haven from risk was hurt by speculation the U.S. economic recovery is gaining speed and a retreat in concerns over Cyprus.
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