Gold futures for December delivery fell nearly 3% to $1,162.10 an ounce on Friday, the lowest point since July 2010, according to Bloomberg. Gold prices are poised for a 5.3% drop this week, which would mark the greatest decline since September 2013. The precious metal is also on track for its first consecutive monthly loss this year.
The decline in gold prices stemmed partially from the Federal Reserve's announcement that it would end its QE3 bond buying program. The news that the Fed had nixed the stimulus program indicated its confidence in the recovery of the U.S. economy, which grew 3.5% in the third quarter thanks to an increase in exports and federal spending.
Separately, TheStreet Ratings team rates YAMANA GOLD INC as a "sell" with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:
"We rate YAMANA GOLD INC (AUY) a SELL. This is driven by multiple weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its disappointing return on equity, weak operating cash flow and generally disappointing historical performance in the stock itself."
- You can view the full analysis from the report here: AUY Ratings Report