The Gold Crash Is Crushing Gold Mining Stocks
Robert Buchan is a well-known gold miner who founded Kinross Gold, one of the world’s most established gold mining companies. After leaving Kinross, he founded Allied Nevada in 2007 around a Nevada gold mine, just as the price for gold started to soar. He eventually took a back seat, becoming executive chairman and handing over day-to-day operations to Scott Caldwell.
In recent months the company has had some operational set-backs at its Nevada mine, but the real problem now for Allied Nevada is the crashing price of gold. Buchan pushed Caldwell aside at the end of March and took over the chief executive position of Allied Nevada, but that has not stopped Allied Nevada’s stock from sinking. The stock is down 66% since mid-October and down 17% in April alone.
