Commodities
Biggest Gold Miners Are Missing Out on Bullion’s Record Run
- Shares in Newmont, Barrick have tumbled while metal soars
- Spot gold hits new all-time high Friday as rally continues
Gold is up about 13% this year and set another record Friday above $2,325 per ounce.
Photographer: Arthur Menescal/BloombergThis article is for subscribers only.
The world’s biggest gold miners are at risk of missing out on the metal’s record run after spending billions of dollars to become the obvious home for bullion-focused investors.
Despite gold hitting all-time highs almost daily, Newmont Corp. shares were down about 6% this year to Thursday’s market close, while rival Barrick Gold Corp.’s stock had fallen about 2%. Shares of both companies gained Friday as gold set a fresh record high, with Newmont rising the most since February.