CANADA STOCKS-TSX sinks to 4-month low as gold plunges, China slows

Mon Apr 15, 2013 10:26am EDT
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* TSX falls 1.85 pct, lowest since Dec 4 on commodity sell-off

* Barrick Gold, one of world's biggest bullion miners, falls 10 pct

* Plunge exacerbated by China growth missing expectations

By Alastair Sharp

TORONTO, April 15 (Reuters) - Canada's main stock index sank to a four-month low on Monday, weighed down by resource stocks after China notched lower-than-expected first-quarter growth and the price of bullion plunged.

Barrick Gold Corp, the world's biggest producer of gold, at one point plunged more than 10 percent as the price of the precious metal fell to a 2-year low below $1,400 per ounce.

"Gold has completely lost its value in terms of the stock prices of gold companies," said Barry Schwartz, portfolio manager at Baskin Financial Services. "Gold companies used to trade for two or three times net asset value. Those days are gone."

Goldcorp Inc fell 5.6 percent to C$28.43 and Yamana Gold Inc lost 10.4 percent to C$11.89.   Continued...