Saturday, 3 August 2013

Wall Street Journal: Investors Get the Shaft From Gold Miners

A dividend cut at Barrick Gold Corp. is the latest setback for investors amid a brutal year for precious metals plays.

The price of gold has plunged 22% this year, as investors anticipating an end to the Federal Reserve's loose monetary policy sought out higher-yielding assets. But the carnage has been even worse for those seeking to benefit from investments in companies that mine the metal.

The NYSE NYX Arca Gold Bugs Index, which tracks 17 gold-mining companies, is down 45% in 2013. Barrick, the world's largest gold producer, on Thursday reported an $8.56 billion second-quarter loss, compared with a $787 million profit a year ago, and cut its dividend to five cents from 20 cents. The company's stock is off 53% this year, falling 16 cents, or 0.9%, to $16.81, in 4 p.m. New York Stock Exchange composite trading on Thursday.

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