Black Monday for Gold miners

Monday was one of the worst day for Gold miners as the yellow metal dropped below $1100, reaching its lowest in at least 5 years. At one point spot prices were down 5%.

• Barrick Gold, the world's largest gold producer, fell 13 per cent to $7.65, biggest one day drop since 2008/09 crisis. Share price is down more than 60% in last one month.
  
  
• Newmont Mining shares fell 11 per cent to $18.40, recording their biggest one day drop since January 2009.

• The New York-listed shares of South African miner Anglo gold Ashanti fell 8.5 per cent to $6.86.

• Shares of miner Rand gold Resources listed in New York fell 4 per cent $59.29.

Gold miners unlikely to close down operation in spite of massive drop in gold prices as they will be needing much needed cash to service debt.

As gold is expected to remain subdued in the near term, miners' pain is anything but over.