JPMorgan analyst John Bridges downgraded Eldorado Gold (EGO), Kinross Gold (KGC) and New Gold (NGD) to Underweight from Neutral. Gold equities are coming to terms with the "realities of the gold sector" with consolidation substituting for the lack of reserve replacement, Bridges tells investors in a research note. While gold and silver prices look oversold, given recession risks and trade uncertainties, it is difficult to see significant weakness for the U.S. dollar, and thus a bounce for gold, adds the analyst. As a result, he downgraded those three stocks to Underweight.