Blink and you may have missed it. If the recent downturn in commodities is coming to an end, as some suggest, it was a brief correction. While the recent slump actually contained the worst week for commodities since the recession of late 2008, many believe it’s a mere blip. Hussein Allidina, head of commodity research at Morgan Stanley in New York, said “The declines exhibited last week provide a good entry point for both investors and consumers.” Allidina belives the macroeconomic environment remains positive for commodities in general.

Long term mining bulls will find bargains this week. Silver prices have fallen from a recent high of $48.48 an ounce to near the $35 dollar mark. The 30 day spot price on copper fell from $4.38 on April 21st to $3.91 on May 11th. Platinum’s recent high was $1873 on April 29th, it fell to $1750 on May 12th. And after storming to a high of $1565 gold promptly fell back under the $1500 mark, before a modest recovery.

The TSX, which lists 55% of the world’s public mining companies, has fallen more than 4% in May. The exchange is clearly a commodity driven one, and is particularly influenced by mining stocks. Of the components of the S&P/TSX 60, twelve stocks are miners. Are there bargains to be had amongst this group? Do a little digging, as we have, and you will find that all twelve have retreated this month. We sort through the red ink, and show you how much each stock is off, from worst in first.

1. Eldorado Gold Corporation (TSX:ELD) -16.8%
Price on April 29th:$17.61
Price on May 13th: $14.65

2. Teck (TSX:TCK.B) -12.8%
Price on April 29th: $51.43
Price on May 13th: $44.85

3. Goldcorp (TSX:G) -12.5%
Price on April 29th: $52.89
Price on May 13th: $46.28

4. Agnico-Eagle Mines (TSX:AEM) -9.8%
Price on April 29th: $65.92
Price on May 13th: $59.44

5. Barrick Gold (TSX:ABX) -9.7%
Price on April 29th:$48.32
Price on May 13th $43.63

6. Agrium (TSX:AGU) -9%
Price on April 29th: $85.76
Price on May 13th: $78

7. First Quantum (TSX:FM) -8.7%
Price on April 29th: $134.83
Price on May 13th: $123.10

8. Kinross Gold Corporation(TSX:K) -7.9%
Price on April 29th: $15
Price on May 13th: $13.81

9. Potash Corporation of Saskatchewan (TSX:POT) -6.6%
Price on April 29th: $53.45
Price on May 13th: $49.92

10. Iamgold Corporation (TSX:IMG) -6.2%
Price on April 29th:$19.41
Price on May 13th:$18.21

11. Yamana Gold (TSX:YRI) -5%
Price on April 29th: $12.06
Price on May 13th: $11.46

12. Inmet Mining Corporation (TSX:IMN) -4.6%
Price on April 29th: $66.40
Price on May 13th: $63.36