Here's Why Barrrick Gold Plunged 10% in October

Here's Why Barrrick Gold Plunged 10% in October

Failing to recover from an 11% drop in September, shares of Barrick Gold (NYSE: ABX) fell 10% last month according to S&P Global Market Intelligence. Although there were other factors that surely affected the company's stock, it was news regarding Barrick's operations in Africa that stoked investors' fears the most.

When considering the performance of a gold-mining stock, it's always worthwhile to take a step back and consider the price of gold to which gold stocks are closely correlated. The SPDR Gold Trust ETF (NYSEMKT: GLD), for example, fell more than 1% through the month. But Barrick's precipitous decline isn't solely attributable to the dip in the yellow stuff.

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Source: Fool.com