Here’s why Aussie gold miners are on the chopping block today

Australian gold miners are acting as a drag on the S&P/ASX 200 Index (Index: ^AXJO) (ASX: XJO) today after the shiny metal’s price fell to its lowest level since July 2010.

The spot gold price fell 2.25% to US$1,171.60 an ounce as the US dollar rallied on news that Japan will aggressively expand its stimulus measures. With global equity markets now having been given a fresh reason to rally higher, it seems investors are recognising the opportunity cost of holding onto gold when they could be investing their money in equities.

With the benchmark index down 0.5%, Evolution Mining Limited (ASX: EVN), Resolute Mining Limited (ASX: RSG) and Northern Star Resources Ltd (ASX: NST) have all fallen between 7.8% and 11.3%. Not even Australia’s largest gold miner, Newcrest Mining Limited (ASX: NCM), was able to avoid the carnage with the shares dropping 7.3%.

With gold expected to continue falling in the near-term, it seems that investors might be safer remaining on the sidelines and investing their money elsewhere. As a perfect example, The Motley Fool's top investment advisor has just named his #1 stock to buy in 2015, and I think it's a STANDOUT buy today..

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Motley Fool contributor Ryan Newman does not own shares in any of the companies mentioned.

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