Shares of gold and silver miners slumped Wednesday on concerns that prices for the precious metals would continue to fall in 2014. The SPDR Gold Trust ETF (NYSEARCA: GLD) has fallen approximately 25.0 percent in the past year, while the iShares Silver Trust ETF (NYSEARCA: SLV) has fallen roughly 35.0 percent. Moody's Investors Service has stated that it expects gold prices to average $1,100 per ounce and silver to average $18.00 per ounce in 2014, down from previous predictions of $1,200 and $20 per ounce.
Barrick Gold Corporation (NYSE: ABX) shares traded in the range of $17.78 to $18.11 Wednesday before settling to close at $17.96, a decrease of 1.70 percent. The stock appears to be facing some resistance at the $18.06 and $18.51 levels with some support at $17.51. Shares of Barrick Gold have fallen approximately 48.0 percent in the past year.
More information on Barrick Gold and access to the free equity report can be found at:
www.WallStreetFundamentals.com/ABX
Gold Fields Limited (NYSE: GFI) shares traded in the range of $3.07 to $3.16 Wednesday before settling to close at $3.09, a decrease of 3.44 percent. The stock appears to be facing some resistance at the $3.16, $3.63 and $3.97 levels. Shares of Gold Fields have fallen approximately 75.0 percent in the past year.
More information on Gold Fields and access to the free equity report can be found at:
www.WallStreetFundamentals.com/GFI
Goldcorp Inc. (NYSE: GG)(TSX: G) shares traded in the range of $21.92 to $22.37 Wednesday before settling to close at $22.13, a decrease of 1.34 percent. The stock appears to be facing some resistance at the $23.28 and $23.94 levels with some support at $22.03. Shares of Goldcorp have fallen approximately 38.0 percent in the past year.
More information on Goldcorp and access to the free equity report can be found at:
www.WallStreetFundamentals.com/GG
Newmont Mining Corp. (NYSE: NEM) shares traded in the range of $23.33 to $23.73 Wednesday before settling to close at $23.40, a decrease of 2.30 percent. The stock appears to be facing some resistance at the $24.07 and $25.53 levels with some support at $22.49. Shares of Newmont Mining have fallen approximately 50.0 percent in the past year.
More information on Newmont Mining and access to the free equity report can be found at:
www.WallStreetFundamentals.com/NEM
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