Gold, silver and palladium producers took a blow today as prices of these precious metals tumbled after the dollar advanced to its highest level in five years.
In gold shares, Barrick Gold (TSE:ABX) (NYSE:ABX) surrendered 2.4 percent to C$12.75 after hitting a fresh 52-week low of C$12.57. The stock has lost 32 percent so far this year.
Goldcorp (TSE:G) (NYSE:GG) dropped 2.1 percent to C$20.56, extending this year’s slump to 11 percent.
Yamana Gold (TSE:YRI) (NYSE:AUY), Canada’s third-largest producer of the metal by market value, plummeted 7 percent to C$4.00. The shares have lost more than half their value since the beginning of the year, leaving the company with a market value of C$3.52 billion.
Kinross Gold (TSE:K) (NYSE:KGC), Canada’s third-largest producer by revenue, edged down 1.3 percent to C$2.33. The stock has also lost half of its value this year, leaving the company with a market value of $2.68 billion.
Gold futures for December delivery slipped 1.9 percent to settle at $1,145.70 an ounce at 1:55 p.m. on the Comex in New York, after reaching $1,137.10, the lowest since April 2010. Trading was more than double the average for the past 100 days for this time of day, according to Bloomberg.
South American Silver (TSE:SAC), which explores for metals in South America, inched down 4.8 percent to C$0.10.
Silver futures for delivery in December sank 3.2 percent to $15.44 an ounce on the Comex, and reached $15.12, the lowest since February 2010.
In palladium stocks, North American Palladium (TSE:PDL) (NYSEMKT:PAL), the operator of a precious-metals mine in Ontario, fell 11 percent to C$0.17. The stock has lost 76 percent of its value this year.
Palladium futures for delivery in December retreated 4.1 percent to $757.85 an ounce, the biggest drop since June. Palladium has gained 5.5 percent this year.