NEW YORK (TheStreet) -- Shares of gold and silver producer McEwen Mining (MUX) closed down 10.98% to $1.46 on Wednesday after Credit Suisse (CS) issued a bearish report on gold through the end of 2015.
The firm said one of its 10 best trade ideas for next year is to short gold. Credit Suisse set a price target of $950 on gold through the end of 2015 and said the precious metal's recent drop below the $1,180 mark indicated the continuation of a bearish trend.
"Gold remains very expensive relative to historical norms, with carrying costs becoming more penal as U.S. interest rates begin to rise," the firm wrote. Credit Suisse added that a strong U.S. dollar would continue to weigh on gold.
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Gold futures fell 1.58%, or $18.90, to $1,178.20 per troy ounce on Wednesday. Silver futures declined 0.33% to $16.12 per ounce.
More than 4.7 million shares changed hands Wednesday, compared to the daily average volume of 2,382,330.
Separately, TheStreet Ratings team rates MCEWEN MINING INC as a "sell" with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:
"We rate MCEWEN MINING INC (MUX) a SELL. This is driven by a number of negative factors, 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. Among the areas we feel are negative, one of the most important has been a generally disappointing historical performance in the stock itself."