- AustraliaNorth AmericaWorld
Investing News NetworkYour trusted source for investing success
- Lithium Outlook
- Oil and Gas Outlook
- Gold Outlook Report
- Uranium Outlook
- Rare Earths Outlook
- All Outlook Reports
- Top Generative AI Stocks
- Top EV Stocks
- Biggest AI Companies
- Biggest Blockchain Stocks
- Biggest Cryptocurrency-mining Stocks
- Biggest Cybersecurity Companies
- Biggest Robotics Companies
- Biggest Social Media Companies
- Biggest Technology ETFs
- Artificial Intellgience ETFs
- Robotics ETFs
- Canadian Cryptocurrency ETFs
- Artificial Intelligence Outlook
- EV Outlook
- Cleantech Outlook
- Crypto Outlook
- Tech Outlook
- All Market Outlook Reports
- Cannabis Weekly Round-Up
- Top Alzheimer's Treatment Stocks
- Top Biotech Stocks
- Top Plant-based Food Stocks
- Biggest Cannabis Stocks
- Biggest Pharma Stocks
- Longevity Stocks to Watch
- Psychedelics Stocks to Watch
- Top Cobalt Stocks
- Small Biotech ETFs to Watch
- Top Life Science ETFs
- Biggest Pharmaceutical ETFs
- Life Science Outlook
- Biotech Outlook
- Cannabis Outlook
- Pharma Outlook
- Psychedelics Outlook
- All Market Outlook Reports
After enjoying its best start to the year since 1979 with prices coming within sight of $1,400 in July, gold’s gains in 2016 have now been trimmed to 6.8% or an underwhelming $70 an ounce.
Gold eked out small gains not far above 11-month lows on Friday in thin pre-Christmas holiday trade as it attempts to build a base above the $1,130 an ounce level.
The price of gold has lost $200 an ounce since the election of Donald Trump (against almost universal consensus that a victory for the property tycoon would lead to a surge in the price).
After enjoying its best start to the year since 1979 with prices coming within sight of $1,400 in July, gold’s gains in 2016 have now been trimmed to 6.8% or an underwhelming $70 an ounce.
Gold stocks made the most of Friday’s lift in the gold price with gains for all major producers. Shares of top gold miners Toronto’s Barrick Gold and Denver-based Newmont Mining enjoyed 3% gains on the day. Further down the rankings the bump was greater with South Africa’s Sibanye Gold, a top ten producer, gaining 3.4% while Canada’s Iamgold advanced 3.6% and Novagold 3.8%.
Despite Friday’s positive movements, the damage to the sector since November 8 has been heavy with double digit losses for all the top producers (barring Moscow-based Polyus which is actually up 3.8% since then).
Together the top 12 listed gold mining companies in terms of output lost $18.8 billion in value since the US elections with Australia’s Newcrest losing $3.5 billion alone. In percentage terms Sibanye was hardest hit with a near 40% decline, a move exacerbated by its ill-timed acquisition of Stillwater Mining, the only PGM producer in the US.
The post CHART: Trump devastates top gold mining stocks appeared first on MINING.com.
Latest News
Investing News Network websites or approved third-party tools use cookies. Please refer to the cookie policy for collected data, privacy and GDPR compliance. By continuing to browse the site, you agree to our use of cookies.