Gold Suffers Sharp Losses in Late April
Despite the sharp loss yesterday, gold has been a fantastic investment in 2024. This bad performance occurred in the face of a shift to a positive day for the S&P 500. Meanwhile, events on the geopolitical front have cooled since the flareup between Israel and Iran. Where are gold mining stocks headed for the rest of 2024?
How are top gold miners performing in this environment?
Barrick Gold (TSX:ABX)(NYSE:GOLD) is a Toronto-based company that is engaged in the exploration, mine development, production, and sale of gold and copper properties in Canada and around the world. This gold miner is the second-largest gold on the planet. Its shares plunged 4.33% on Monday, April 22. That pushed Barrick Gold stock into negative value territory in the year-to-date period.
Newmont Corporation (TSX:NGT)(NYSE:NEM), another top gold mining stock, dropped 4% on Monday, April 22. Its shares have now plunged 8.4% so far in 2024. Meanwhile, Newmont stock is now down 21% in the year-over-year period.
Gold has been a stellar performer over the past year, but investors who picked up the wrong mining stocks could easily miss out on these gains.
Provided Content: Content provided by Baystreet. The Globe and Mail was not involved, and material was not reviewed prior to publication.