Gold futures came close to crashing through the $5,000 an ounce before regaining more than $100 an ounce by the close for a 3.5% decline on the day. Gold continued to climb in after hours dealings.
The same pattern played out with silver which was exchanging hands for more than $83 an ounce in late trade, still a 6% drop from Monday however.
Copper was spared some of the volatility but the orange metal nevertheless ended the day down 2% and was last worth 5.83 per pound ($12,850 a tonne), coming close earlier in the day to wiping all gains so far in 2026. Both silver and gold are holding onto 15%-plus gains year to date.
Precious metals loss leaders
Gold, silver and platinum stocks were hardest hit with Newmont (NYSE:NEM) giving up 7.9% and Barrick Mining (NYSE:B) down 8.3% in heavy volumes with 14 million and 23 million shares traded respectively. Newmont is now worth $129 billion in New York while Barrick enjoys a $78 market cap.
Shares in Anglogold Ashanti (NYSE:AU) gave up 10.4% for a market value of $58 billion and Gold Fields (NYSE:GFI) lost 11.6% to $45 billion.
Royalty and streaming companies Wheaton Precious Metals (NYSE:WPM) fell 8.7% for a market value of $68.7 billion compared to a more modest drop of 5.6% for Franco-Nevada at a $50 billion evaluation.
Over the counter units of silver miner Fresnillo (OTCPK:FNLPF) trading in the US lost 9.3% shaving down its market cap to $38.3 billion while Pan American Silver (NYSE:PAAS) suffered an 8.2% decline to $26 billion.
Valterra Platinum (OTCPK:ANGPY) was one of the worst performers dropping 13.6% to end the day at a $25 billion market worth after platinum prices dropped as much as 10% for a low just above $2,000 an ounce, but clawed back some $150 an ounce in after hours trading.
Copper avoids meltdown
Copper producers and diversified companies fared better but also pulled back across the board.
BHP (NYSE:BHP) shares trading in the US shed 5.6% but held onto its $200 billion-plus valuation, the only mining stock ever to reach this milestone.
BHP’s chairman Ross McEwan told a conference in Sydney earlier in the day that the Melbourne-based company is seeing little immediate impact from the US-Iran conflict because almost all the company’s output goes into Asia.
“We run scenarios across many situations. You look and see what the impact could be, and it’s not in our hands to do much about that, other than respond.”
The second-most valuable mining company Southern Copper (NYSE:SCCO) underperformed other copper majors, diving 5.8% to $170 billion, but keeping its edge over Rio Tinto (NYSE:RIO) which came off relatively lightly declining by 4.3% for a $162 billion market cap.
Freeport-McMoRan (NYSE:FCX) was, as usual, the most heavily traded mining stock with more than 25 million shares exchanging hands. After a 4.0% retreat, Freeport is now worth $94 billion after peaking just above $100 billion (only the 8th mining stock to ever do so) last week.
Last month Indonesia’s investment minister and Freeport’s unit in the Asian country signed a memorandum of understanding to extend the company’s mining permit beyond 2041.
Glencore (OTCPK:GLNCY) also managed to emerge relatively unscathed, only losing 2.1% on Tuesday thanks in part to its extensive oil trading business which should do well as crude and gas prices jump. The Switzerland-headquartered company trades around 4 million barrels of oil equivalent per day. Glencore is now worth $82 billion.
Vale (NYSE:VALE) stock declined by 6.0% for a market cap of $68.3 billion. The CEO of Vale’s base metals spin-off, Shaun Usmar, told Bloomberg on Tuesday the sprawling nickel-and-copper business is ready for a potential initial public offering by midyear, sooner than previously indicated. The task of bringing down costs, lowering capital intensity and accelerating the project pipeline is moving ahead at a faster clip than previously envisaged Usmar said.
Anglo American (OTCPK:NGLOY) kept losses to little over 3% as did merger partner Teck Resources (NYSE:TECK) affording the Canadian miner a $27 billion valuation compared to Anglo’s $49 billion.
Last month Anglo said it is weighing a third writedown of De Beers in as many years as weak diamond prices persist and the miner advances asset sales ahead of the tie-up which is currently in front of the EU anti-trust body.
Punter’s favourite Ivanhoe Mines (TSX:IVN) traded 7.9% lower at $15.0 billion while copper specialist First Quantum Minerals (TSX:FQM) fell by 8.7% to $22 billion. Pink sheets of Antofagasta (OTCPK:ANFGF), and KGHM (OTCPK:KGHPF) dropped 5.6% to $51 billion and 12.3% to $16 billion respectively with the Polish miner’s proximity to the conflict adding to pressure on the stock.
Chinese heavyweight Zijin Mining (OTCPK: ZIJMY) has settled in as the world’s fourth most valuable mining firm despite its US over the counter units plunging by 9.2% on Tuesday for a $142.3 billion market value. Earlier in the day Zijin’s counterpart CMOC Group (SEHK:3993) fell 6.9% in Hong Kong in anticipation of the selling n New York as did Jiangxi Copper (SEHK:358), down 7.1% to $24 billion.
Just what a remarkable start to 2026 it has been for mining and metals markets, not a single stock among the top names are in the red year to date even after Tuesday’s sell-off.
Go back a year and the gains are even more spectacular with many heavyweight miners doubling, tripling or even quadrupling in value compared to this time last year.
