Gold Rally Loses Steam As Treasury Yields Stabilize, Dollar Rebounds: 6 Miner Stocks See Declines On Wednesday
Portfolio Pulse from Piero Cingari
Gold prices fell as U.S. Treasury yields stabilized and the dollar rebounded, leading to declines in gold mining stocks. The VanEck Gold Miners ETF (GDX) and VanEck Junior Gold Miners ETF (GDXJ) both dropped by 2.5%, with individual miners like Torex Gold, Endeavour Silver, and others seeing significant declines.
August 28, 2024 | 3:36 pm
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NEGATIVE IMPACT
First Majestic Silver Corp. experienced a 4.63% drop in its stock price as gold prices declined, affected by stable Treasury yields and a stronger dollar.
AG's stock price fell due to the decline in gold prices, which was influenced by stable Treasury yields and a stronger dollar.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
Coeur Mining, Inc. shares fell by 4.56% as gold prices declined, influenced by stable Treasury yields and a stronger dollar.
CDE's stock price dropped due to the decline in gold prices, driven by stable Treasury yields and a stronger dollar.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
Endeavour Silver Corp. saw a 4.75% decline in its stock price as gold prices fell, influenced by stable Treasury yields and a stronger dollar.
EXK's stock price dropped due to the decline in gold prices, driven by stable Treasury yields and a stronger dollar.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
The VanEck Gold Miners ETF fell by 2.5% as gold prices declined due to stabilizing Treasury yields and a rebounding dollar.
GDX, which tracks gold mining stocks, fell due to a decline in gold prices. This was driven by stabilizing Treasury yields and a stronger dollar, reducing gold's appeal.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
The VanEck Junior Gold Miners ETF also saw a 2.5% decline as gold prices fell, influenced by stable Treasury yields and a stronger dollar.
GDXJ, focusing on junior gold miners, declined as gold prices fell due to stable Treasury yields and a stronger dollar, impacting investor sentiment.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
OceanaGold Corporation saw a 4.47% decline in its stock price as gold prices fell, influenced by stable Treasury yields and a stronger dollar.
OGC's stock price fell due to the decline in gold prices, which was influenced by stable Treasury yields and a stronger dollar.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
Pan American Silver Corp. experienced a 4.41% drop in its stock price as gold prices declined, affected by stable Treasury yields and a stronger dollar.
PAAS's stock price fell due to the decline in gold prices, which was influenced by stable Treasury yields and a stronger dollar.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
Torex Gold Resources Inc. shares fell by 4.89% as gold prices declined, affected by stable Treasury yields and a stronger dollar.
TXG shares fell significantly due to the decline in gold prices, which was influenced by stable Treasury yields and a stronger dollar.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 70