Base metals declined and precious metals gained on July 29
On July 29, stocks related to base metals and precious metals gained due to strength in respective metals. At 3:35 PM EST, the PowerShares DB Base Metals (DBB) and the SPDR S&P Metals & Mining ETF (XME) gained ~1.1% and ~0.92%. The SPDR Gold Shares (GLD) fell ~1.3%.
Goldcorp announces a quarterly loss
Goldcorp (GG), a Vancouver-based gold miner, announced its 2Q16 results on July 28. According to the data, Goldcorp reported a loss of $78 million in 2Q16—equivalent to $0.09 per share. The losses are due to an unexpected decline in the company’s output. The output fell to 613,400 ounces in 2Q16. It fell almost one-third from the output of 908,000 ounces in 2Q15.
Operations shut down at the Penasquito mine in Mexico—Goldcorp’s largest operation. It’s one of the major reasons behind the lower output. Since the beginning of 2016, Goldcorp has gained ~55%. At 11:30 AM EST on July 29, it was trading at $17.96—a gain of ~1.3%.
Top five performers in the gold industry
Bottom five performers in the gold industry
Below are the bottom five companies in the gold industry at 3:45 PM EST on July 29.
- Exeter Resource (XRA) rose by ~0.76%
- Banro (BAA) fell by ~0.77%
- Vista Gold (VGZ) fell by ~2.9%
- Yamana Gold (AUY) fell by ~2.7%
- Eldorado Gold (EGO) fell by ~3.5%
In the next part, we’ll discuss how crude oil performed on July 29.