Mississauga, ON -- (SBWIRE) -- 04/25/2013 -- AllPennyStocks.com Media, Inc. (http://www.AllPennyStocks.com/) announces its latest article titled “Endeavour Mining on Target to Start Producing at Fourth Gold Mine in 2014.”
Companies mentioned in this article include Goldcorp (TSX:G), Barrick Gold (TSX:ABX) and Endeavour Mining Corp. (TSX:EDV) (OTCQX:EDVMF).
Metal miners, especially gold miners, have been mercilessly crushed in recent months as the price for spot gold accelerated a multi-month decline to hit its lowest level since March 2011. Last week, gold took a historic beating, including a 9.3 percent nosedive on Monday that weighed-in as the single biggest one-day percentage drop for bullion since February 1983. The reason? Because the gross domestic product report from China for the first quarter of 2013 only showed 7.7 percent growth, compared to the 8.0 percent that economists expected.
Many analysts and firms have now jumped on the bear bandwagon for gold, including Goldman Sachs last week lowering its 2013 gold forecast to a price target of $1,545 per troy ounce.
A decrease in the value of miners is one thing, but the bear run seems to have perhaps devalued some majors and juniors beyond justification. Since highs in September of $46.31, shares of Goldcorp (TSX:G) fell last week to be down more than 40 percent. Barrick Gold (TSX:ABX) certainly has plenty of issues at hand, but its shares in the same time have jettisoned almost 60 percent. Traders can throw a dart and pretty much hit a junior listed on the Venture that has lost a good chunk of its value.
Vancouver’s Endeavour Mining Corp. (TSX:EDV) (OTCQX:EDVMF) is another stock that has taken a lashing. Shares were trading as high as $2.56 in October, but have subsequently dropped to as low as 84 cents last week, a 67-percent drop in value.
The full version of this article can be found at:
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