How's gold and those gold mining stocks doing today?
Gold futures sank Monday, losing nearly 8% at one point to touch a low under $1,400 an ounce, as the metal extended its dive into a second straight session and pushed further into bear-market territory.
The broader metals complex also suffered, with silver down more than 10%, after disappointing Chinese data sparked worries of industrial metals demand.
Mining firms were hard hit by the selloff, with shares of Freeport-McMoRan Copper & Gold Inc. /quotes/zigman/154700/quotes/nls/fcx FCX -7.52% dropping 6.1% and Newmont Mining Corp. /quotes/zigman/235723/quotes/nls/nem NEM -5.03% down 6.7%, as resource stocks led the S&P 500 index /quotes/zigman/3870025 SPX -1.31% lower.
Gold for June delivery /quotes/zigman/647778 GCM3 -8.17% tumbled $103.80, or 7%, to $1,397.60 an ounce on the Comex division of the New York Mercantile Exchange. Prices dropped to as low as $1,385. If prices close below $1,400, that will mark the lowest close for a most-active contract since at least March 2011, according to FactSet data.
Meanwhile analyst Russ Visch of BMO weighed in, saying he thinks the decade long bull run in Gold is over. He isn't alone. Speaking on the CNBC, Dennis Gartment said he has never seen anything like gold's dramatic collapse.
"There are a lot of people throwing up their hands. Throwing positions overboard. Panic is everywhere. I've never seen anything like this," Gartman said.
In the past two days gold is lower by over $200 per ounce, an unprecedented move for the precious metal. Shares of Barrick Gold Corporation (NYSE: ABX), Newmont Mining Corp. (NYSE: NEM), Goldcorp Inc. (NYSE: GG), Silver Wheaton Corp. (NYSE: SLW) and Yamana Gold, Inc. (NYSE: AUY) were hit for the second day in a row on Monday