Klogg, it's not so much the price of gold that has led to the drop it's the market sentiment for gold. Have a look at the HUI or XGD talk about an over-reaction to the 5% drop in the price of gold.
Fact is, the market sentiment for gold is at an all time low for this current bull market, even lower than during the GFC! The market is anticipating much, much lower gold prices from here. I think that explains the drop in Codan. Also, there would be alot of holders sitting on a very big profit, so it's an easy excuse to take some profits. It's still trading higher than it was 3 months ago!
I wouldn't worry about it too much though, the market is almost always wrong.
Nice bounce back so far today along with the gold miners.
CDA Price at posting:
$2.87 Sentiment: Buy Disclosure: Not Held
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