Meltdown for mining stocks Frik Els | April 15, 2
Post# of 29735
Meltdown for mining stocks
The gold price plunged by as much as $145 on Monday, the worst trading day in history and a more than 9% drop on the day.
The gold price fell to $1,355 in mid-morning – down $145 from the Friday close of $1,501 in New York – to a level last seen in January 2011.
Ever-volatile silver exaggerated gold's drop , giving up more than 12% or $3.20 to $23.13 an ounce, heading for a close not seen since October 2010.
July platinum futures slumped 5.8% or $85.80 to $1,410 an ounce while palladium was also hard hit, down giving up 7.33% or more than $50 to trade at $658.20 an ounce.
Copper slid to lows last seen in October 2011, but losses for the metals bellwether was relatively contained. Copper was last changing hands for $3.28 a pound, a 2.2% decline from Friday's close.
The retreat copper and precious metals led to a bloodbath for mining stocks with counters dropping across the board.
Mining's Big 3, world number one miner BHP Billiton (LON:BHP), Brazil's Vale (NYSE:VALE) and Rio Tinto (LON:RIO) all lost more than 6% on Monday.
Of the top diversified miners XStrata's ADRs listed in New York traded was the top loser, down 10.3% while merger partner Glencore International (LON:GLEN) shed more than 6%, Anglo American (LON:AAL) shares moved lower 6.3% and Canada's Teck Resources (TSX:TCK) was also one of the hardest hit giving up 9.3%.
Copper giant Freeport-McMoRan (NYSE:FCX) declined 8.6%, Southern Copper Corp (NYSE:SCCO) managed to keep losses at 7.7% while fellow South American copper producer Antofagasta (LON:ANTO) dropped just over 8%.
Not surprisingly gold producers were among the worst performers.
Barrick Gold Corp (TSX:ABX) lost 11% bringing the losses over the past trading week for the Toronto-based global number one gold miner to over 23%. Barrick's pain began before the gold price drop on Wednesday when a court in Chile ordered a halt to work at its massive Pascua-Lama project. Barrick is worth just over $20 billion on the TSX, less than half it was worth in 2011.
Denver-based Newmont Mining Corp (NYSE:NEM) shed 6.8%, while the world's third largest gold producer behind Newmont, AngloGold Ashanti (NYSE:AU) gave up 9.1%. The Johannesburg-based company's ADRs listed in New York is down a 40% year to date.
Fellow South African miner Gold Fields (NYSE:GFI) traded down 7.2%. Canadian gold counter Goldcorp (TSX:G) lost 5% while peer Kinross Gold (TSX:K) – which this year overtook Goldcorp as the world fifth largest gold miner in terms of output – suffered a staggering 12% drop on the day. Toront0-based Kinross which has been plagued by production problems is down more than 42% since the start of the year
NASDAQ DIP and RIP
Here is the best word that describes what i do here.
Intuitive;
means having the ability to understand or know something without any direct evidence or reasoning process.
I was born with it, I'm truly blessed!
Alway's searching for winners'