Miners focusing on numerous different metals are struggling today, even though the overall market has mostly been rising.
From iron ore miner Cliffs Natural Resources (CLF), down 6.8%, to palladium and platinum miner Stillwater Mining Company (SWC), down 6.3%, to Freeport-McMoran Copper & Gold (FCX), down 5.4%, miners are in a slump. In fact, the industry has fallen particularly hard in the past month with many stocks falling as much as 25%, including the three mentioned above.
The stocks are being pressured by the slump in the price of gold and other metals; gold is down today for the fifth time in the past six days. But while precious metals have seen declines, they have not gone completely out of style, which could support higher prices going forward. As my colleague Murray Coleman points out, ETF’s still appear to be interested in holding silver, and some European central bankers have increased their gold holdings.
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