Miners whipsawed by Greek news
The decision to hold a referendum on the euro zone debt deal is roiling the markets.
S&P/TSX Composite Index is down 1.68%, and the TSX Venture Exchange has lost 2.65%. Spot gold fell from yesterday’s close of $1,715.10 and is currently trading at $1,707/oz.
Gold majors Newmont Mining declined 2.06% and Barrick Gold slid 2.16%.
Prime Minister George Papandreou announced a surprise referendum on the euro zone deal that was reached last week.
Lawmakers have been rebelling against the deal and plan to launch a no-confidence vote on Friday. Without clear government leadership in Greece, the deal looks like it lacks necessary support and Greece could default and leave the euro zone sooner.