Gold prices declined 2.2% on Friday to hit their lowest point since April 2010 at $1,172.30 per troy ounce.
Goldcorp also reported lower-than-expected third-quarter earnings on Thursday. The earnings were hurt by production at two mines in Mexico, and the company guided its 2014 production at the low end of its forecast.
The Vancouver, BC-based miner said adjusted earnings declined to $70 million, or 9 cents a share, from $190 million, or 23 cents a share a year ago.
Analysts surveyed by Thomson Reuters expected earnings of 18 cents a share.
Separately, TheStreet Ratings team rates GOLDCORP INC as a "hold" with a ratings score of C-. TheStreet Ratings Team has this to say about their recommendation:
"We rate GOLDCORP INC (GG) a HOLD. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its revenue growth, increase in net income and expanding profit margins. However, as a counter to these strengths, we also find weaknesses including disappointing return on equity and a generally disappointing performance in the stock itself."
- You can view the full analysis from the report here: GG Ratings Report