ASX-listed gold stocks are being hammered in early trading on the ASX, after the gold price slipped overnight.
The spot gold price fell 0.2% to US$1,217.92 an ounce, which is not a huge move, but enough to see investors and traders sell out of the miners.
Here’s a sample of some of the ASX stocks’ performance so far.
|Company||Share Price||Market Cap ($m)||Price change|
|Northern Star Resources Ltd (ASX: NST)||$4.64||$2,786.5||-3.5%|
|Silver Lake Resources Limited. (ASX: SLR)||$0.43||$216.6||-3.4%|
|Alacer Gold Corp – CDI (ASX: AQG)||$2.10||$606.0||-3.2%|
|Troy Resources Ltd (ASX: TRY)||$0.09||$42.9||-3.1%|
|St Barbara Ltd (ASX: SBM)||$2.76||$1,372.6||-2.8%|
|Beadell Resources Ltd (ASX: BDR)||$0.20||$252.9||-2.4%|
|Resolute Mining Limited (ASX: RSG)||$1.11||$818.1||-2.2%|
|OceanaGold Corporation (ASX: OGC)||$3.58||$2,183.3||-2.2%|
|Evolution Mining Ltd (ASX: EVN)||$2.23||$3,752.6||-2.6%|
|Newcrest Mining Limited (ASX: NCM)||$19.99||$15,334.5||-1.9%|
|Perseus Mining Limited (ASX: PRU)||$0.29||$296.5||-1.0%|
Source: S&P Global Markets Intelligence, Google Finance
But it’s the future view of where the gold price is going that will be the major determinant of where the gold miners’ share prices go. The current trend appears to be down as the chart below shows.
As I wrote in my article on Northern Star Resources this morning, I won’t be investing in gold miners, given the volatility of the underlying commodity.
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The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.