Gold miner Goldcorp (NYSE:GG) dropped a bomb Wednesday, cutting its 2012 gold production guidance — an act that caused analysts including Credit Suisse, RBC, TD Newcrest and Scotia Capital to drop their price targets for GG and sent shares spiraling nearly 10%.
Gold futures dipped 0.26% during Wednesday’s trading, with a final bid of $1,575.70 per ounce, according to CME Group data. Gold reached a high of $1,583.40 and a low of $1,565.50
Silver futures finished the day up 0.52% with a final bid of $26.99. Wednesday’s high for silver prices reached $27.17, and the low was $26.87.
Gold bullion ended at $1,579 per ounce for Wednesday’s trading session in London, according to BullionVault.
Gold and silver trusts experienced moderate gains Wednesday.
- The SPDR Gold Trust (NYSE:GLD) ticked up about 0.6%.
- The iShares Gold Trust (NYSE:IAU) was about 0.5% higher.
- The iShares Silver Trust (NYSE:SLV) climbed about 0.7%.
Gold and silver mining ETFs headed south, with Goldcorp leading the Market Vectors Gold Miners ETF (NYSE:GDX) lower.
- The Market Vectors Gold Miners ETF fell around 2.1%.
- The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) dropped about 0.1%.
- The Global X Silver Miners ETF (NYSE:SIL) was about 0.3% lower.
Gold mining shares showed significant losses almost across the board Wednesday.
- Agnico-Eagle Mines (NYSE:AEM) dropped about 2.1%.
- Barrick Gold (NYSE:ABX) was down about 1.9%.
- Eldorado Gold (NYSE:EGO) showed sharp losses of around 3.4%.
- Goldcorp was down 9.7%.
- Kinross Gold (NYSE:KGC) was down 0.1%.
- Newmont Mining (NYSE:NEM) showed losses of nearly 1%.
- NovaGold Resources (AMEX:NG) was down about 4.2%.
- Yamana Gold (NYSE:AUY) was about 1.4% lower.
Most silver mining shares also slid heavily Wednesday.
- Coeur d’Alene Mines (NYSE:CDE) slid about 0.3%.
- Hecla Mining (NYSE:HL) dropped about 1.2%.
- Pan American Silver (NASDAQ:PAAS) posted gains of around 0.6%.
- Silver Wheaton (NYSE:SLW) dipped around 1.1%.
- Silver Standard Resources (NASDAQ:SSRI) was up fractionally.
As of this writing, Angela Nazworth did not hold a position in any of the aforementioned securities. Adrian Ash of BullionVault contributed to this report.