Gold's slide to a one-year low on Friday hit mining companies harder than the metal itself. Spot gold fell as much as 3.2% to $3,891.67 an ounce, its weakest since late October last year, while silver dropped 5.8% to $49.34, its first move below $50 since November 2025. Producers, whose profits swing sharply with prices, fell further still.

Almost $140bn wiped from the top five

Newmont, Agnico Eagle, Barrick, Wheaton Precious Metals and Franco-Nevada had collectively lost almost $140 billion in market value from their 52-week highs by late morning on Friday. Newmont, the world's largest gold miner, fell 5% to a market value of $110 billion, more than 20% below its peak. Agnico Eagle lost 6.7% and now sits at about $83 billion, while Barrick fell 5% to $60 billion.

Silver producers hit hardest

Silver producers suffered the steepest falls. Hecla Mining fell 6% on Friday and has now lost 60% from its 52-week high, while Coeur Mining is 53% below its peak and Pan American Silver 44% below its high. Silver has now given back everything it gained since early December, when a rally began that carried it above $120 an ounce, and it is down roughly 18% for October alone.

Why the selling spread

Two forces combined against the metals: rising oil prices hardened bets on another US interest-rate rise, and a deepening rout in technology shares forced some investors to sell metals to cover losses elsewhere. Analysts cited by MINING.COM called the precious-metals decline exaggerated and still expected a recovery, but for miners the damage to share prices — and to the cost of raising capital — is already done.