Why Gold Stocks Plummeted Today
Since mankind discovered gold, it has been irresistibly drawn to the lure of the pretty material. Yet that sure wasn't much in evidence on Monday, as the price of the precious metal swooned, followed by those of gold stocks.
A great many titles in the sector posted uncomfortable price declines across the day's trading session. When the market closed, Gold Fields (NYSE: GFI) and Iamgold (NYSE: IAG) had both fallen by more than 8%. AngloGold Ashanti (NYSE: AU) and Harmony Gold Mining (NYSE: HMY), meanwhile, were a bit deeper in the red with declines around 9%.
Although the gold price was getting battered that day, it wasn't exactly a reversal from previous sessions. The metal hit an all-time high on Oct. 30, and since then it's been in retreat for the most part.
Source Fool.com
