Saturday, 3 August 2013

The Motley Fool: Gold Absolutely Crushed These Dividends

The aftermath of gold's bloodbath last quarter continues. After falling a record 23%, gold isn't done ruining investor returns just yet. After it absolutely crushed the stock prices of many gold mining stocks last quarter, gold has set its sight on crushing the last remaining glimmer of hope for investors: dividends.

In addition to reporting multi-billion-dollar quarterly losses, gold miners Barrick Gold (NYSE: ABX ) and Kinross Gold (NYSE: KGC ) had one parting shot for investors. Both companies also announced dividend cuts, with Barrick slashing its dividend by 75% and Kinross completely eliminating its payout. Talk about adding insult to injury.

To say it was a rough quarter for the pair would be an understatement. Barrick's stock is down 43% since the start of the second quarter. Gold's collapse caused the company to take $8.7 billion of impairment charges for the quarter, which led to a reported loss of $8.56 billion on the quarter, or $8.55 per share. Also, its once steadily growing dividend of $0.20 per share was cut back to $0.05 per share, a level not seen in more than a decade.

Read more...

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