Gold shares turned sharply lower this morning but later recouped their losses
amid bargain hunting in the sector. The Market Vectors Gold Miners ETF (GDX)
fell to $48.42 per share a new 52-week low and its worst level since August 3,
2010 before bouncing back to $49.85 for a 0.5% gain this afternoon. The rebound
in gold shares did not coincide with strength in COMEX gold futures, however, as
they settled down by $20.30, or 1.2%, at $1,647.00 per ounce. One large-cap gold
miner in the news on Tuesday was IAMGOLD (IMG.TSX, NYSE: IAG), which was
upgraded by Macquarie to Outperform from Neutral.
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