PLM - Why Shares of PolyMet Mining Are Crashing Today
Soaring yesterday, shares of PolyMet Mining (NYSEMKT: PLM) raced higher and ended the day 40% higher than where they were at the end of Monday's trading session as the price of gold touched an unprecedented level. But with the rally in the metal failing to continue today, shares of PolyMet are looking a lot less lustrous to investors.
As of 11:03 a.m. ET on Wednesday shares of the miner are down 3.8%, recovering from their earlier slide of 15.7%.
During periods of geopolitical uncertainty, it's typical for investors to rush toward gold, recognizing it as a defensive position -- a dynamic that played out yesterday. Dropping below $2,000 per ounce, the price of gold is heading south today, however, as President Volodymyr Zelenskyy articulated a willingness to negotiate with Russia.
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Why Shares of PolyMet Mining Are Crashing Today