Coeur Mining (CDE) Gets Battered by Gold Decline

We recently published 10 Firms Crashing Harder Than Wall Street. Coeur Mining, Inc. (NYSE:CDE) is one of the worst performers on Tuesday.

Coeur Mining tumbled by 16.11 percent on Tuesday to close at $18.48 apiece, mimicking the drop in the overall sector after gold prices fell sharply during the day.

Coeur Mining, Inc. (NYSE:CDE) declined alongside its counterparts after gold and silver nosedived by 6.3 percent and 8.7 percent, respectively during the day, before trimming losses toward the end of the session.

Investors appeared to have taken profits following the precious metals’ soar to new highs over the past weeks.

In other developments, Coeur Mining, Inc. (NYSE:CDE) is scheduled to release the results of its third quarter earnings performance after market close next Wednesday, October 29. A conference call will be held to dive deep on the results.

Photo by Dominik Vanyi on Unsplash

The earnings date coincides with the Federal Reserve’s announcement of its decision on interest rates for the month, where a cut is highly anticipated by investors.

Lower rates typically buoy prices of precious metals as it weakens the US dollar, making it cheaper for foreign investors to acquire gold.

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Disclosure: None. This article is originally published at Insider Monkey.