Barrick (NYSE:ABX), Newmont (NYSE:NEM) Getting Hit Hard as Gold Prices Plummet

Gold futures prices have been getting hit hard today, and to of the largest gold miners are sliding with them, as Barrick Gold (NYSE:ABX) and Newmont Mining (NYSE:NEM) have dropped significantly by midday, while gold prices plunged by over $32 an ounce by 12:00 p.m. EST.

After hitting their highs earlier in the month, both companies have fallen off by about the same percent, between 5.8 percent and 5.9 percent, depending on how the prices are fluctuating at the time.

This isn't much to be concerned about, even with gold prices falling by over $50 an ounce since their Friday record high of $1,249.50. This was inevitable with the quick upward gold made, so it should be considered a buying opportunity rather than a bubble bursting.

The reason why is we're not even close to entering bubble territory yet, and the economic news coming out continues to be contradictory; the reason why so many ups and downs are and will continue to be experienced.

Even so, gold prices and gold mining companies, for the most part, will continue to rise, although the journey will be one filled with a lot of bumps along the way.

Gold prices today will get hit hard, but it won't be long before they begin to climb again.