NEW YORK (TheStreet) -- Shares of Newmont Mining (NEM) - Get Report are lower by 2.15% to $26.37 on Wednesday morning, as some stocks within the gold mining sector take a hit as the precious metal reverses yesterday's gains.
Gold prices are trading in the red today as investors move into assets seen as more risky, such as equities, Reuters reports. The metal popped yesterday after the Fed said it will be proceeding with caution in regards to interest rate hikes.
Gold for June delivery is slipping by 0.65% to $1,229.10 per ounce on the COMEX this morning.
Despite today's decline gold is on track for its best quarter in about 30 years, Reuters noted. The metal is up by 16.4% so far this year as concerns about global economic growth sent investors flocking towards safe havens.
"Overall, the strength in gold has also been driven by global growth fears, and this is slowly ebbing as market participants get less afraid about the global economy. In the equity market today, prices are up again. The weakness in gold we're seeing today is a mirror image of the positive mood in financial markets overall," Carsten Menke, an analyst at Julius Baer told Reuters.
Newmont Mining is a Greenwood Village, CO-based global mining company that is focused on producing and exploring for gold and copper.
Separately, TheStreet Ratings has set a "hold" rating and a score of C on Newmont Mining stock. The primary factors that have impacted the 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 largely solid financial position with reasonable debt levels by most measures, reasonable valuation levels and solid stock price performance. However, as a counter to these strengths, TheStreet Ratings also finds weaknesses including deteriorating net income, poor profit margins and weak operating cash flow.
TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: NEM