Why Goldgroup Mining Tumbled Today
Few assets connected with the precious metal did well on Friday.
Overview
As the trading week came to a close, precious metals were looking significantly less precious. Gold, silver, and other high-value metals declined in price amid the apparently growing possibility of a rate hike by the U.S. Federal Reserve (Fed).
With that, precious metals companies' stocks were sold off, for the most part; Exhibit A: Goldgroup Mining (NYSEMKT: GORO), which fell by nearly 4% that trading session.
Details
Speculation of a Fed interest rate raise was rife on Friday. That morning, new(ish) Fed chair Kevin Warsh gave a speech at this year's Jackson Hole Economic Symposium. As usual with the world's most closely watched central banker, his remarks were closely monitored and scrutinized.
Source
Originally published at www.fool.com.