- Miners (GDX -5.2%) are one of the day's worst performing stock sectors amid significant weakness in precious metals, as gold settled 2.7% lower at $1332.50/oz. - but that's still a 1.8% gain for the week.
- Goldman Sachs initiated coverage of several gold stocks earlier this morning:
- Started with a Buy rating: Yamana Gold (AUY -6%), Goldcorp (GG -3.6%).
- Initiated at Neutral: Barrick Gold (ABX -3.8%), Newmont Mining (NEM -4.9%), Agnico-Eagle Mines (AEM -6.4%), Royal Gold (RGLD -7%), New Gold (NGD -7.3%).
- Started at Sell: Kinross Gold (KGC -6.4%), Eldorado Gold (EGO -7.9%), IAMGOLD (IAG -11.5%).
- Also: Silver Wheaton (SLW -5.3%) was started at Buy, Pan Am Silver (PAAS -5.3%) with a Neutral.
- Other ETFs: GDXJ, GLDX, PSAU, NUGT, DUST, GGGG, RING.
Mining stocks hit hard as metals give back some post-Fed gains
Sep 20 2013, 15:57 ET