Gold Mining Stocks Headed For Another Beating

Gold mining stocks are on course to take another beating Friday, after new stimulus measures by the Bank of Japan helped trigger another selloff in gold prices. The Market Vectors Gold Miners ETF slumped 4.6% in premarket trade, putting it on track to open at the lowest level since Oct. 28, 2008. Among the ETF's most heavily-weighted components, the stocks of Goldcorp dropped 4%, Barrick Gold shed 3.2% and Newmont Minining slumped 2.8% ahead of the open. The ETF, which tumbled 7.3% on Thursday, has lost 14% year to date to close at about one-quarter of its Sept. 8, 2011 record closing high of $66.63. Meanwhile, the SPDR Gold ETF was down 2.8% in premarket trade, putting it on track to open at the lowest level since April 23, 2010.