Gold stocks slumped Tuesday as prices for the precious metal dropped below $1,300 an ounce, a two month low. Gold prices were pressured as investors moved from commodities to lower risks assets such as cash on concerns of a U.S. government shutdown. "I think the safe haven, believe it or not, is cash," said Senior Commodities Broker Bob Haberkorn from RJO Futures. "Gold is not acting like the safe-haven device that it historically has. ... Cash makes people feel comfortable." The Market Vectors Gold Miners ETF (NYSEARCA: GDX) declined 2.63 percent, while the Market Vectors Junior Gold Miners ETF (NYSEARCA: GDXJ) fell 3.14 percent.
Agnico Eagle Mines Ltd. (NYSE: AEM)(TSX: AEM) shares traded in the range of $25.49 to $26.03 Tuesday before settling to close at $25.77, a decrease of 2.64 percent. The stock appears to be facing some resistance at the $26.42 and $27.06 levels with some support at $25.16. Shares of Agnico Eagle Mines have fallen approximately 50.0 percent in 2013.
More information on Agnico Eagle Mines and access to the free equity report can be found at:
www.WallStreetFundamentals.com/AEM
Allied Nevada Gold Corp. (NYSEMKT: ANV) shares traded in the range of $3.95 to $4.10 Tuesday before settling to close at $3.98, a decrease of 4.78 percent. The stock appears to be facing some resistance at the $4.86 and $5.90 levels with some support at $3.71. Shares of Allied Nevada Gold have fallen approximately 87.0 percent in 2013.
More information on Allied Nevada Gold and access to the free equity report can be found at:
www.WallStreetFundamentals.com/ANV
Gold Fields Limited (NYSE: GFI) shares traded in the range of $4.39 to $4.51 Tuesday before settling to close at $4.45, a decrease of 2.63 percent. The stock appears to be facing some resistance at the $4.77 and $5.19 levels with some support at $4.42. Shares of Gold Fields have fallen approximately 64.0 percent year-to-date.
More information on Gold Fields and access to the free equity report can be found at:
www.WallStreetFundamentals.com/GFI
IAMGOLD Corp. (NYSE: IAG)(TSX: IMG) shares traded in the range of $4.52 to $4.69 Tuesday before settling to close at $4.63, a decrease of 2.53percent. The stock appears to be facing some resistance at the $4.69 and $4.80 levels with some support at $4.41. Shares of IAMGOLD have fallen approximately 60.0 percent in 2013.
More information on IAMGOLD and access to the free equity report can be found at:
www.WallStreetFundamentals.com/IAG
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