Gold for December delivery slumped by $3.20 to settle at $1,193.90 per ounce, off of reports suggesting a Swiss referendum, which would require the country's central bank to hold at least 20% of its reserves in gold, is losing support, MarketWatch reports.
The referendum is scheduled for November 30, and must secure over 50% of the votes to pass, MarketWatch added.
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The referendum has the support of 38% of the voters, while 47% of voters are against it, the Wall Street Journal reports.
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 largely solid financial position with reasonable debt levels by most measures, notable return on equity and expanding profit margins. However, as a counter to these strengths, we also find weaknesses including unimpressive growth in net income, weak operating cash flow and feeble growth in the company's earnings per share."