Gold and gold stocks are getting poleaxed, it’s not AUY specific. Almost all gold stocks are down ~~10% today.
AEM
ABX
GG
How about ABX Barrick? Trading at a 22+ year low, trading at a level not seen since gold < $300. ABX was 12.x in 1992.
I remember buying GG for my folks circa 2001 at $18. and selling it in the mid-30’s. Today: 19.x
These could be OK contrarian plays, but you better have massive, multi-year patience.
Personally, I think they go big fat nowhere for a long time, which matches my opinion of PMs and I own reasonable amounts of PMs. if you want to bet on crushed commodities you’d be better off betting on oil. But I also believe oil will trade “indifferently” until the end of the year. All of these beating victims will, IMO, be tossed out until the end of the year. If you like oil, wait, minimally, until the end of the month (= manana)
Free advice.
In the last 3 years alone, ABX has issued $3b in stock and $6b in debt. The Pascua-Lama project in Chile over which they hocked the family jewels, to the tune of ~$10b, is at a standstill. Basically, the CEO screwed the pooch, and ABX's shareholders are paying the price.
Many like myself were wrong. The ending of QE should have sent the equity markets plunging, because I, like others believed the only reason markets were rising was due to QE. Didn’t happen. DOW way up today and gold smashed. WTF does the market know I just am not getting? It seems to be able to hold itself on its own legs, just as the US an Europe are being economically hollowed out.