Gold Miner Losers: Barrick, Kinross

Gold-miner shares fall sharply Wednesday, following gold prices into the red.
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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.

Exchange-traded fund

SPDR Gold Trust

(GLD) - Get Report

fell 2.4% to $116.63 Wednesday. Meanwhile, shares of gold-mining major

Kinross Gold

(KGC) - Get Report

surrendered 4.7% to $17.34 on heavy volume.

Barrick Gold


shares lost 4% to $42.70, while

Newmont Mining

(NEM) - Get Report

held up relatively well, losing 2.8% to $54.51.

According to

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.

Shares of



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

Hecla Mining

(HL) - Get Report

, for example, retreated 5.6% to $5.57;


(IAG) - Get Report

gave up 5.4% to $17.10; and

Yamana Gold

(AUY) - Get Report

fell 4.6% to $10.66.

-- Reported by Andrea Tse in New York


>> Spot Gold Prices Hit With Selloff

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