Why Eldorado Gold Stock Dropped 9% Today
Shares of Eldorado Gold (NYSE: EGO) were down 9% as of 3:40 p.m. EST Friday after the miner reported quarterly and year-end 2020 earnings Thursday night. The gold producer's operational results were solid, but the price of the metal is down more than 2.5% on the day.
Gold is in the midst of a sell-off that has it trading at prices last seen in June 2020. The precious metal is down about 5% just in the last two weeks. But the gold producer reported that it met its expectations for the year as it managed through the pandemic impacts. Total gold production increased 34% in 2020 versus 2019. Though quarterly gold production was the company's highest in almost five years, the drop in pricing led to a sequential quarterly decrease in both gold revenue and overall revenue compared to the third quarter 2020.
Source Fool.com
