Gold and silver shares came under heavy selling pressure Monday afternoon
despite more modest losses in precious metals. The Philadelphia Gold & Silver
Index (XAU) retreated 2.9% to 188.65 – putting it on pace for its worst
closing level since January 24 and reducing its year-to-date return to just
4.4%. Among gold producers, Goldcorp (GG) sunk 3.2% to $47.57 per share and
IAMGOLD (IAG) fell 3.4% to $14.21 per share. Silver Wheaton (SLW.TSX, NYSE:
SLW), one of the most widely-held silver stocks, tumbled 4.5% to $35.91 per
share.
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