KGC - After Hitting a New 52-Week Low Is Kinross Gold a Buy?
Kinross Gold (NYSE: KGC) is in a hole as deep as the gold nuggets it digs up, with its stock setting new 52-week lows almost daily. After peaking in late 2020 at $10.31, shares of the gold miner have lost almost half their value. And each day, Kinross seems to test new lows.
The rise and subsequent fall of Kinross Gold and most other gold miners (the sector is a sea of red) was the result of the sharp increase in value of an ounce of gold from around $1,500 in January 2020 to almost $2,100 last September, and its subsequent retreat since then. Today, gold trades at around $1,780 per ounce.
But that's only a 15% decline, and Kinross has lost about three times that amount. So let's look closer to see if there's a reason the miner is on such a losing streak or if the disparity gives investors a golden opportunity to buy Kinross stock.
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After Hitting a New 52-Week Low, Is Kinross Gold a Buy?