Here's Why Barrick Gold Plunged 11% in September

Here's Why Barrick Gold Plunged 11% in September

Unlike the summer, during which time the stock -- soaring more than 15% -- glittered, shares of Barrick Gold (NYSE: ABX) sank 11% in September according to S&P Global Market Intelligence. Besides the falling price of gold, investors were shaken by the tumultuous weather in the Caribbean and unfavorable news coming out of Africa.

Gold's decline in September -- approximately 2.8% -- likely stemmed from investors' diminishing concerns regarding the tension between the U.S. and North Korea which escalated over the summer. Since the stock movements of gold miners are closely correlated with the price of gold, it's no surprise that shares of Barrick also followed a downward trend. The SPDR Gold Trust ETF (NYSEMKT: GLD), for example, fell more than 3.5% through the month.

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Source: Fool.com