Mississauga, ON -- (SBWIRE) -- 06/02/2016 -- AllPennyStocks.com Media, Inc. (http://www.AllPennyStocks.com/) announces its latest article titled "Durango Provides Update on Nemaska Properties, Shares Up Close to 5% On News."
Companies mentioned in this article include Barrick Gold Corporation (NYSE:ABX), Goldcorp Inc. (NYSE:GG) and Durango Resources Inc. (TSX-Venture:DGO).
Gold was written off as an asset class at the end of last year. Gold prices had surged post the financial crisis of 2008 / 2009 as the Federal Reserve implemented ultra-loose monetary policy measures to save the economy from going into a depression.
The unconventional monetary policy pushed gold to a record high of above $1900 an ounce by 2011. However, gold prices began to retreat, with the decline continuing as the Fed announced that it would end its bond purchase program in 2014. In 2015, the Fed hinted at hiking interest rates for the first time in more than a decade further hurting gold prices.
The sharp pullback in gold prices also had an impact on miners such as Barrick Gold Corporation (NYSE:ABX) and Goldcorp Inc. (NYSE:GG). Shares of both companies and several other miners tumbled, forcing them to implement cost-cutting measures to adjust to the new low price environment.
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