So far it has been another day of declines for shareholders of Australia's gold miners. At the time of writing the S&P/ASX All Ords Gold (Index: ^AXGD) (ASX: XGD) Index has sunk 5.5% to bring its two-day decline to in excess of 10%.
Since peaking at US$1,337 an ounce during Wednesday's market sell-off, the spot gold price has now fallen by almost 6% to US$1,260 an ounce.
Some traders were betting on gold prices rising to upwards of US$2,000 an ounce if Trump won the election, unfortunately for them the opposite looks set to happen.
With many believing that Trump will end the days of low interest rates in the United States, the gold price could potentially be on the path to a level below US$1,000 an ounce now.
It comes as no surprise to see a number of Australian gold miners sink significantly lower today as a result. Here are the pick of the bunch:
| Company | +/- |
| Alacer Gold Corp – CDI (ASX: AQG) | -6.3% |
| EVOLUTION FPO (ASX: EVN) | -5.4% |
| Newcrest Mining Limited (ASX: NCM) | -5.6% |
| Northern Star Resources Ltd (ASX: NST) | -3% |
| OceanaGold Corporation (ASX: OGC) | -5.8% |
| Perseus Mining Limited (ASX: PRU) | -6.1% |
| Regis Resources Limited (ASX: RRL) | -4.4% |
| Resolute Mining Limited (ASX: RSG) | -6.6% |
| St Barbara Ltd (ASX: SBM) | -4.3% |
Whilst Trump's presidency could yet throw up a few surprises in the months ahead, I feel it is inevitable that the gold price will continue its slide to US$1,000.
Although many of Australia's miners will remain hugely profitable at this level, the bumper profits that they have been making recently could come to an end and put pressure on share prices. For this reason I continue to believe that investors will be better served looking elsewhere in the market.
