Why Metals and Mining Stocks Aren't Joining Today's Rally
Stock markets are rallying today, but gold and silver stocks are going in the opposite direction. Miners Coeur Mining (NYSE: CDE), Gold Fields (NYSE: GFI), and Harmony Gold Mining (NYSE: HMY) each closed down 13% today. And Agnico Eagle Mines (NYSE: AEM), AngloGold Ashanti (NYSE: AU), Eldorado Gold (NYSE: EGO), and Endeavour Silver (NYSE: EXK) all dropped by between 8% and 10%.
Experienced investors in precious metals know that they, and the miners, often move in a different direction than equities, so today shouldn't come as a huge surprise. But why is good news on a coronavirus vaccine bad for anyone?
The answer, of course, isn't that it is bad news. But gold and silver both touched two-month highs last week, and even with drops of 4.5% and 5.5% respectively today, the metals have been rising through the months of the pandemic.
Source Fool.com
