Gold and silver’s dramatic rally has reversed just as quickly, catching investors off guard. From their late-January peaks, gold has now dropped about 25.5%, while silver has plunged nearly 50%, pushing both into technical bear markets alongside copper.
The sharp move has rippled through the mining sector, wiping out much of this year’s earlier gains. Barrick Mining Corp. (NYSE:B) is down 15.74% year-to-date, while Newmont Corp. (NYSE:NEM) has slipped 5.35%. Agnico Eagle Mines Limited (NYSE:AEM) has held up better than peers, still up 6.08% this year, though it too has retreated significantly from its early-March highs.
The pain has been less severe among diversified mining giants, but they have not been immune to the broader selloff. BHP Group Limited (NYSE:BHP) remains up about 5.70% year-to-date, and Rio Tinto …
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