Now, Newmont Corporation [NEM 3.57%] – a name that sounds suspiciously like a villain in a penny dreadful – has been having a bit of a wobble. Down 3.3% this morning, it seems. A most unfortunate business, really. It all boils down to gold, you see. And gold, bless its shiny little heart, is a fickle beast.
When things get rumblingly unpleasant in places like the Mideast – and let’s face it, they often do – people get the jitters. They start thinking, “Good heavens, what if everything goes horribly wrong?” And when they think that, they rush about buying gold. It’s a perfectly ridiculous habit, of course, but a profitable one for the gold miners. This time, they did just that. But the trouble is, gold gets bored. It doesn’t like being fussed over. So, after a brief excitement, it decides to sulk and the price slithers downwards. And when gold slithers, Newmont wobbles.
Gold and Silver – A Pair of Precious Peculiarities
Last month, gold was fetching around $5,278 an ounce. Then, the fireworks started – a bit of bombing here, a bit of shouting there – and the price zoomed upwards, briefly tickling $5,416. A most undignified display, if you ask me. But it didn’t last. Now, it’s down to $5,095. A rather nasty drop, wouldn’t you say?
Silver is a more complicated creature. Newmont digs up both, you see. It closed February at $93.73, then had a little fling at $96.10. But like a spoiled child, it threw a tantrum and slid back down. Today, it’s bouncing around at $84.53, which is… well, it’s something. Still 12% down from its peak, poor thing, while gold is only nursing a 6% bruise. Silver, therefore, has a bit more puffing-up to do.
The Dollar and Interest Rates – Two Nasty Little Gremlins
Now, let’s talk about the bigger picture. The U.S. dollar, that rather bossy fellow, has been getting stronger. Up 1.7% since the unpleasantness began. And that’s a problem for gold. You see, a strong dollar means you need fewer of them to buy an ounce of gold. It’s simple arithmetic, really. When the dollar swells, gold shrinks. A most unfair arrangement, if you ask me.
Then there are interest rates. When those go up, investors get a choice. They can own gold, which just sits there looking pretty, or they can own bonds, which actually pay them money. And naturally, they choose the money. So they sell their gold, and the price goes down. It’s all frightfully logical, really. A bit boring, perhaps, but logical.
And that, my friends, is why Newmont is down today. A perfectly predictable little dip, caused by a combination of bossy dollars, greedy investors, and a rather sulky metal. A cautionary tale, wouldn’t you say?
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2026-03-09 18:34