The negative sector headlines put significant selling pressure on the stocks. In many cases, these negative surprises have shorter-term effects, and do not change the companies’ fundamental valuations. However, more recently, it appears that selling pressure might be intensified by headline-driven, algorithm-based trading where the longer-term fundamentals are ignored.

In February, many gold companies reported positive operating results for the last quarter of 2017. However, earnings/financial results were mixed and guidance for 2018, in some cases, seems to have surprised the markets.

While gold stocks underperformed in February, the junior companies caught up with their larger peers, after underperforming in January.

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