Newmont Corp hits multi-year lows
There was a surge in bullish sentiment following the release of NVIDIA’s stunning results. The rally across stocks was broad-based, making it difficult to find anything that failed to post hefty gains yesterday. Well I’ve found one. Newmont Mining Corp, the world’s biggest gold miner, didn’t just fail to rally. It absolutely tanked, ending yesterday’s session down over 7.5% to hit its lowest level since May 2019. Are investors making a statement about what they expect the price of gold to do this year, or is it more company specific? Either way, it’s important. Not just as a bellwether for gold or the industry, but because Newmont is a major constituent in many gold mining ETFs.
The candlestick chart shows Newmont’s share price going back to October 2018, with the gold price superimposed in ‘gold’. You can see how the two correlate, with Newmont outperforming during gold’s rallies. But there’s been a growing divergence over the past year. How will this resolve?
The candlestick chart shows Newmont’s share price going back to October 2018, with the gold price superimposed in ‘gold’. You can see how the two correlate, with Newmont outperforming during gold’s rallies. But there’s been a growing divergence over the past year. How will this resolve?
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