NEW YORK (TheStreet) -- Gold stocks and ETFs were crushed Wednesday as the price of the yellow metal fell hard after Germany's decision to ban naked short selling rocked the markets and sparked a commodities selloff by investors trying to cover trading losses.
Also playing a role in the decline was the perception that Europe Union monetary authorities were moving in to prop up the euro.
SPDR Gold Trust
fell 2.4% to $116.63 Wednesday. Meanwhile, shares of gold-mining major
surrendered 4.7% to $17.34 on heavy volume.
shares lost 4% to $42.70, while
held up relatively well, losing 2.8% to $54.51.
Dow Jones Newswires
Wednesday, executives with both companies expressed, at a mining conference in Lima, Peru, plans to continue investing in the country -- the world's sixth largest gold producer.
were hit worse, falling 4.9% to $42.36.
But shares of mid-tier and junior precious-metals mining concerns fared somewhat worse, for the most part, than their larger-cap peers. Silver and gold producer
, for example, retreated 5.6% to $5.57;
gave up 5.4% to $17.10; and
fell 4.6% to $10.66.
-- Reported by Andrea Tse in New York
Copyright 2010 TheStreet.com Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.