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Precious metals producers tumble with falling prices

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.
Precious metals producers tumble with falling prices

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.

Primero Mining (TSE:P) (NYSE:PPP), the operator of the San Dimas gold mine in Mexico, gave back 5.9 percent  to C$3.65, expanding losses over the past year to 37 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.

Semafo (TSE:SMF), a Canadian-based gold producer focused on West Africa, retreated 8.5 percent to C$2.59.

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.

In silver shares, First Majestic Silver (TSE:FR) (NYSE:AG), a Canadian company that owns and operates three producing silver mines in Mexico, tumbled 6.3 percent to a 52-week low of C$5.36.

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.

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