Some traders are also buying up the stocks of gold mining companies, like Barrick Gold Corporation and Newmont Mining Corporation , and gold mining ETFs like Market Vectors Gold Miners .
McEwen says the Cortez Trend may resemble the nearby Carlin Trend, where companies like Barrick and Newmont Mining Corp. have over the years mined millions of ounces of gold.
McEwen says the Cortez Trend may resemble the nearby Carlin Trend, where companies like Barrick and Newmont Mining (nyse: NEM - news - people ) Corp. have over the years mined millions of ounces of gold.
Fellow gold mining majors Barrick Gold and Goldcorp were both 1.4% higher on Tuesday.
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Freeport competes with Southern Copper, Codelco, Barrick Gold and Newmont Mining.
Similar aggressive selling was seen in silver and gold ETF GDX as well as miner majors Barrick Gold and Newmont Mining.
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These include royalties on the Goldstrike and Leeville mines, two of the state's biggest, operated by giants Barrick Gold and Newmont Mining, respectively.
He became co-chairman of Toronto mining company Barrick Gold Corp.
In September, 2012 Canadian mining firm Barrick Gold announced that it would temporarily suspend operations at one facility after one person was killed in a clash between protesters and police.
Miners Goldcorp, Barrick Gold and Newmont Mining were down 5.9%, 9.6% and 7.4% respectively, while an ETF that counts all three among its five largest holdings, the Market Vectors Gold Miners (GDX), dropped 7.9%.
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Shares of big mining companies like Newmont Mining and Barrick Gold, down 17% and 30% respectively in 2013, are getting hit hard as the market takes a less sympathetic view of any operational hurdles they are facing.
Both byproduct metals have risen in price since the second quarter of 2009 (copper has gained 25% and zinc 19%.) Stronger copper and zinc prices will reduce cash cost per ounce and go directly toward the bottom line for companies with significant byproduct credits, like Barrick Gold, Newmont Mining, Goldcorp, Agnico-Eagle and Yamana Gold.
Stock in the gold sector including GoldCorp, Newmont Mining, and Barrick Gold have all mounted rallies north of 9% over the last month.
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Barrick Gold, a gold mining benchmark.
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With a portfolio of 26 operating mines and advanced exploration and development projects, Toronto-based Barrick Corporation is the largest gold mining company in the world.
The ETF invests in global silver- and gold-mining companies and boasts Barrick Gold Corp. ( ABX) as its biggest holding, comprising 14.7% of the overall portfolio by value.
Other possibilities: shares of gold miners, like Newmont Mining, Goldcorp and Barrick Gold.
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Goldcorp was down more than 8%, while Newmont Mining slid 7% and Barrick Gold tumbled almost 5%.
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The gold and silver miners such as Silver Wheaton (SLW), Barrick Gold (ABX), and Newmont Mining (NEM) followed the precious metals in the fall but managed to stage only a weak recovery in a strong contrast to the big up-move in gold.
But investors should still focus on the top-quality operators like Newmont Mining (NYSE:NEM) and Barrick Gold (NYSE:ABX).
Basically, if you want to play gold stocks, there are many good companies to choose from like Newmont Mining (NYSE:NEM) or Barrick Gold (NYSE:ABX).
Over the past two weeks, Newmont Mining is up 7.6%, Barrick is up 6.5%, Gold Fields is higher by 5.6% and Goldcorp is up 4.3%.
But gold-mining is the new hope for the region, where Barrick, a huge Canadian firm, is opening several new mines.
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Main components of the fund include Barrick Gold Corp ( ABX), Goldcorp ( GG), Newmont Mining Corp ( NEM) and Silver Wheaton Corp ( SLW), all of which sustained substantial losses on Tuesday.
Top holdings include Barrick Gold (NYSE: ABX), Goldcorp (NYSE: GG), Newmont Mining (NYSE: NEM) and AngoloGold Ashanti (NYSE: AU).
Barrick Gold, GoldCorp, and Freeport McMoran are among some of the underperformers within the mining group.
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Among the largest underlying components of GDX, in trading today Goldcorp Inc ( NYSE: GG) is down about 1.2%, Barrick Gold Corp. ( NYSE: ABX) is off about 0.4%, and Newmont Mining Corp. ( NYSE: NEM) is lower by about 0.9%.
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