Gold prices dropped slightly Monday, with gold miners like Goldcorp (NYSE:GG), Novagold (NYSE:NG), IAMGOLD (NYSE:IAG) falling disportionately with them, along with many other miners.
Gold for December delivery on Monday fell 30 cents to $1,228.50 an ounce at the Comex division of the New York Mercantile Exchange. Volume was light on the day. Spot gold dropped $1 dollar also in the session.
Goldcorp ended the trading day at $41.09, falling $0.80, or 1.91 percent.
Iamgold finished at $17.68, losing $0.41, or 2.27 percent.
Novagold closed at $6.58, down $0.21, or 3.09 percent.
Much of this came from temporary euphoria over mergers and acquisitions interest, which provided a temporary burst of optimism to the markets, but which is already starting to be discounted as limited in scope and in no way will expand to numerous companies.
Gold will probably continue to take a breather before taking off in the next couple of weeks, depending on the economic data coming out, which continues to be very weak.
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