Macquarie appears bearish on commodities at present, issuing a host of downgrades on a variety of miners, especially gold miners. Ampella Mining, Gryphon Minerals, Kingsgate Consolidated and Perseus Mining were all downgraded from Neutral to Underperform. Furthermore, Alacer Gold, Evolution Mining, St Barbara and Silver Lake Resources were downgraded from Outperform to Neutral. The downgrades resulted from a variety of company-specific reasons, along with general capital concerns, lower commodity prices, high costs or cash flow issues.