Here’s Why Twitter, Alphabet, Barrick, Goldcorp, and Newmont Mining Are Making Headlines

Newmont Mining Corp (NYSE:NEM), Goldcorp Inc. (USA) (NYSE:GG), and Barrick Gold Corporation (USA) (NYSE:ABX) are in the spotlight after gold forward future prices fell hard on Tuesday, to considerably below the $1,300 per oz level. While no single factor accounted for the decline, gold prices likely fell sharply due to speculation that the era of ultra-accommodative central banks will soon come to an end, as the ECB is said to be considering tapering its quantitative easing measures by around 10 billion euros ($11.22 billion) a month, when the time comes.

With energy prices trending higher, deflation is less of an issue and potential inflation is more of a concern for many central bankers. Throw in expectations that U.S. interest rates might receive a hike in November or December, and it’s not hard to see why some traders might choose to lighten their position in the commodity, at least while there isn’t any geopolitical/market panic in the air.

Among the funds in our database, the smart money liked Barrick Gold Corporation (USA) (NYSE:ABX) the most, as 53 funds were long the stock at the end of the second quarter. Newmont Mining Corp (NYSE:NEM) was next in popularity, with 39 funds reporting stakes in the stock as of June 30. Lastly, 28 funds had a long position in Goldcorp Inc. (USA) (NYSE:GG) at the end of the second quarter, down by five funds from the end of the first quarter.

Disclosure: None