Gold stocks are on the rise Monday as investors seek a new safe haven as bank stocks take a beating.
This is the continued effect of SVB Financial’s (NASDAQ:SIVB) Silicon Valley Bank failure. The news is dropping bank stocks as investors flee the companies amid concerns of a bank crash and dwindling investments.
Given the number of investors pulling out of bank stocks, it makes sense they would seek another shelter for their funds. This has them targeting gold stocks. That falls in line with the idea that gold, as well as other precious metals, are a safe space in times of economic turmoil.
Speaking of the economy, today’s rally of gold stocks also comes after months of uncertainty. Both investors and consumers have been worrying about a recession as inflation continues to rise and the Federal Reserve increases interest rates. This has also resulted in several companies laying off employees.
Let’s take a look at how gold stocks are moving today below
Gold Stocks Up on Monday
- Newmont (NYSE:NEM) stock is up 6.2% as of Monday morning.
- Barrick Gold (NYSE:GOLD) shares are climbing 6.5% higher as of this writing.
- Kinross Gold (NYSE:KGC) stock is seeing an 8.9% gain on Monday morning.
- Iamgold (NYSE:IAG) shares are increasing by 10.3% during today’s morning trading.
Investors that want to read up more on the bank stock crashing today are in luck!
We’ve got extensive coverage of the crisis and how it’s affecting the stock market on Monday! A few examples include what it means for Signature Bank (NASDAQ:SBNY), SoFi Technologies (NASDAQ:SOFI), and Roku (NASDAQ:ROKU) stock today. You can catch up on all that news at the following links!
More Monday Stock Market News
- SGEN Stock Alert: Pfizer Buys Seagen in GIANT $43 Billion Deal
- MULN Stock Alert: Mullen’s Chief Accounting Officer Resigns
- Why Is Signature Bank (SBNY) Stock Down Today?
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.