Gold mining stocks are getting slammed.
Gold flash-crashed on Sunday night, with the spot price tanking 3.8%, or $US43 per ounce in a few seconds.
China reportedly sold one-fifth of a day’s trade within two minutes.
And now, gold mining stocks are feeling the pain.
Here are a few of the big decliners:
- Newmont Mining, one of the largest gold producers, fell 11% to around $US18.60, the lowest in seven months. It was the biggest loser on the S&P 500.
- Kinross Gold Corporation fell 8% to around $US1.71 per share — an all-time low.
- Yamana Gold fell 7% to the weakest in a decade.
- Freeport-McMoRan, a producer of gold and copper, fell 4%
The SPDR Gold Shares ETF fell more than 2%. Near 11:00 a.m. in New York on Monday, gold continued its slide, declining more than 2% to trade at a five-year low of about $US1,106.
Here’s a chart showing the slump in some of the gold mining shares:
Gold mining stocks listed in Longon are also feeling the pain, as Business Insider’s Oscar Williams-Grut reported on Monday.
And here is gold’s wild ride over the past 10 years or so.