Gold down even as Fed holds on likely tech-crash selling - Canadian Mining Report

The gold price dropped -2.7% to US$3,899/oz, even as the Fed remained on hold, as the tech crash has likely driven forced liquidations of stronger performing assets to cover losses, including the gold sector with its huge gains over the past two years. The strong Q3/26 results for Big Gold continued, with Agnico Eagle, Kinross and Alamos reporting with all three seeing a decline in production but also a rise in realized gold prices offsetting an increase in AISC and driving a wider operating spread. The gold stocks dropped with the GDX down -3.9% and the GDXJ losing -4.4% as the tech slump continued, dragging down the Nasdaq -2.3%, although the S&P 500 declined just 0.8% and Russell 2000 actually rose 1.1% on a shift into other sectors.