Goldman also lowered its rating on Kinross Gold to sell from neutral with a $2.80 price target, or more than 19% below where the stock currently trades. Goldman also removed B2Gold (NYSE: BTG) from its “Americas Buy list and downgraded it to neutral,” according to Barron’s.
Kinross Gold and B2Gold combine for 5.3% of the Market Vectors Gold Miners ETF’s (NYSEArca: GDX) weight. GDX, the largest gold miners ETF, entered Monday with a year-to-date of over 18%, making it one of the best performing non-leveraged ETFs this year. The ETF is shaking off the Goldman downgrades of Kinross and B2Gold and is trading flat at this writing. [Tough Times for Gold Bears]
SPDR Gold Shares
ETF Trends editorial team contributed to this article. Tom Lydon’s clients owns shares of GLD.