Why AngloGold Ashanti Plunged Today
Shares of gold miner AngloGold Ashanti (NYSE: AU) plunged on Tuesday, falling 10.2% as of 2:36 p.m. EDT.
As a gold miner, AngloGold is essentially a leveraged bet on gold prices. And while both have soared this year, with AngloGold gaining 192% on a 58% gain in gold prices, the opposite was true today. Gold prices plunged 5.3% off record highs, the biggest one-day decline in the price of gold since 2013.
There doesn't seem to be an overriding single reason for the big sell-off in gold prices today other than perhaps profit taking based on severely overbought technical indicators.
Source Fool.com
