European Mining Stocks Plummet as Metals Face Pressure

European Mining Stocks Plummet as Metals Face Pressure
European mining stocks declined steeply this week, mostly because of a surge in the US dollar and lukewarm details from China’s latest stimulus measures. After Donald Trump's victory in the US presidential election, the dollar soared, putting significant pressure on both precious and industrial metals, including key products like gold, silver, and copper. 
This led to mining giants Rio Tinto, Anglo-American, and Glencore slipping between 5% and 7% from last week, pushing the mining sector to the bottom of European stock performance.
The Pan-European Stoxx 600 index fell by 2%, led by the Basic Resources Index, which slid 3.72%. Investors were disappointed with China’s recent stimulus announcement, which lacked concrete measures to boost economic activity. 
The uncertainty that followed has affected industrial metals like copper and iron ore, both of which sharply declined. Copper futures dropped 3.5% on Friday, and iron ore futures fell 3.3% to just over $102 per metric ton, nearing the key $100 level.
What Does This Mean for Me?
Precious metals could escape the drag either, with gold and silver prices plunging after the election. Gold futures fell $105 per ounce to just above $2,600, down 5% since Election Day, while silver slid 6%. A stronger dollar and rising bond yields made these metals less attractive to investors, mostly because US equities continued to hit record highs before a sharp pullback on Tuesday.
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