Lifelock, ADM, Goldcorp, and More: Here’s Why These Five Stocks Are On the Move

Barrick Gold Corporation (USA) (NYSE:ABX) and Goldcorp Inc. (USA) (NYSE:GG) are each in the red by 5% due to falling gold prices. Front month gold futures are currently down 2.6% to trade close to $1,233 per ounce as traders brace for upcoming interest rate hikes in the coming quarters. Although there is still a possibility that the Federal Reserve might not raise rates in December, the Trump administration has been more in favor of using fiscal policy such as tax cuts, deregulation, and infrastructure spending rather than loose monetary policy as their weapon of choice to unleash the economy. If Trump can pressure the Fed to tighten monetary policy, interest rates might rise faster and there could be less demand for the commodity. Given that Trump also has an ‘America First’ foreign policy, there might be less conflicts around the world and similarly less demand for gold. 28 and 53 funds tracked by Insider Monkey were long Goldcorp Inc. (USA) (NYSE:GG) and Barrick Gold Corporation (USA) (NYSE:ABX) at the end of June.

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