NGD - Why Gold Stocks Are Plunging Today
The price of gold sold off along with the broader market today, dropping nearly 5% on the day, which was its sharpest decline since 2013. That sell-off weighed on gold mining stocks, with several tumbling by double digits. Leading the decliners were Harmony Gold (NYSE: HMY), Sandstorm Gold, NovaGold Resources, AngloGold Ashanti (NYSE: AU), and New Gold (NYSEMKT: NGD).
The price of gold typically rallies when the market tumbles. That had been the case recently as the price of gold surged as investors bought gold and gold-related stocks on fears that the COVID-19 coronavirus outbreak would impact the global economy.
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