Drop in Stocks of Major Gold Mining Companies

Gold prices dropped sharply against an exchange trade in New York, falling to $1327 per ounce. Gold is coming off a two-year high that it experiences earlier this month and this year to date it is still higher by more than 25% or nearly $270 an ounce. The biggest drivers of the surge in gold prices for 2016 such as large scale gold futures and options speculators or investors such as hedge funds have been clearing back bullish bets and the frantic buying of the physically-backed gold exchange-traded funds (ETFs) have moderated.

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