Newmont Mining Slides as Gold Price Takes Record Dive

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Newmont Mining Slides as Gold Price Takes Record Dive

Newmont Mining Slides as Gold Price Takes Record Dive
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Newmont Mining Slides as Gold Price Takes Record Dive

TheStreet 0:54 mins

Shares of Newmont Mining dropped on Monday making it TheStreet's Move of the Day. The biggest intraday tumble for gold prices in 2014 toppled the gold mining company's stock. Gold miners quarterly profits heavily depend on the per-ounce cost of gold, which closed down more than 2% at $1,306.70. In an interview with TheStreet Monday afternoon, RBC Capital Markets precious metals strategist George Gero said: "The triple-digit up move in stocks was the straw that broke the camel's back," adding that, "before the opening you saw Citi beat the earnings estimates, [causing a] big jump in the S&P 500 ... and that was enough of a catalyst to bring in sell stops."

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