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« Richard Russell - Gold Set To “Catapult” $220, But Buy Silver | Main | Have precious metals bottomed? »
Monday
Aug192013

Canada Stocks Drop Most Since June as Silver, Oil Shares Fall

  

Canadian stocks fell, for the biggest drop since June, as a decline in gold and silver spurred losses in metal producers and energy companies slumped the most in eight weeks.

B2Gold Corp. (BTO) plunged 13 percent to pace declines among gold mining companies after announcing a $225 million note offering. Endeavour Silver Corp. and Silvercorp Metals Inc. slipped at least 2.9 percent as the price of the metal snapped the longest winning streak since January. Penn West Petroleum Ltd. and Bonterra Energy Corp. retreated more than 1.2 percent as crude fell.

The Standard & Poor’s/TSX Composite Index (SPTSX) fell 148.90 points, or 1.2 percent, to 12,588.02 at 4 p.m. in Toronto. The index has gained 1.2 percent this year, the third-worst performance among developed markets ahead of Singapore and Hong Kong.

“Nothing goes up forever, the gold commodity had a good run as well as the stocks last week and they’re taking a bit of a pause today,” said John Kinsey, a fund manager with Caldwell Securities Ltd. in Toronto. 

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