Gold was diving 9.5%, reaching at its lowest level since February 2011 on Monday, and equities related to the metal were feeling the wrath of traders.
A downturn was in effect throughout the commodities complex, but gold was suffering through a two-session stretch unlike anything it's seen in three decades. On the day, it was falling $143 an ounce to $1,358.40. Silver was also slumping, shedding 11.8% to $23.23 an ounce.
Gold, five-day chart. Source: FactSet
For the shares of the miners themselves, the selloff was astonishing -- 52-week lows, or worse, were not uncommon. The sector's stocks were much weaker than the market overall, which was down in its own right.
Barrick Gold (ABX), one of the biggest members of the group, was giving back 10.5% to $20.24. At one point, it was under $20, a price it hasn't broken since October 2008 when the market was falling apart amid the financial crisis. It was also necessary to return to those days to find a session in which Barrick plungedRead More »from Gold Stocks Slammed as Precious Metals Melt Down