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Benzinga
Benzinga
Business
Piero Cingari

Gold Miners Just Had Their Worst Crash Since 2020 — Buy The Dip?

Gold David Morrison Fawad Razaqzada Otavio Tavi Costa Mining
Gold,Bar,On,A,Declining,Stock,Market,Chart,With,Red

Gold miners endured a brutal sell-off Tuesday, with sector-wide losses hitting double digits after bullion plunged more than 5% in a single session, marking the worst trading day for the metal since August 2020 and triggering its sharpest mining stock rout since the COVID-driven crash of March 2020.

The VanEck Gold Miners ETF (NYSE:GDX), which has been the year's top-performing equity industry fund with over 110% gains, dropped 9.8% during New York afternoon trading. Shares of Newmont Corp. (NYSE:NEM), the world's largest gold miner, fell 9.2%.

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