UK-listed gold miners are heading for a day of big losses — stocks are down as much as 13% with less than half an hour of trade left.
Miners are tanking after gold collapsed to a 5-year low overnight. That slump was down to a huge sell order from China — 5 tonnes, a fifth of normal daily volume, was offloaded in 2 minutes.
On the FTSE 100, Mali-focused gold miner Randgold Resources is the biggest faller, down 5.2%. Mexican precious metals miner Fresnillo isn’t far behind, with a 4.7% dip in shares.
But it’s when you dive into the small and mid-cap stock markets that you see the really big falls today.
Tanzanian gold miner Acacia Mining is down 13%; African silver and gold miner Hochschild Mining is off 10.2%; Egypt’s Centamin is 9% lower; and Russian miner Petropavlovsk is off 8.8%.