The carnage isn’t over in gold, other metals-mining stocks

Caveat emptor! Mining stocks are cheap, with gold, platinum and copper at multiyear lows, but if you plan on buying them at these prices, read this first.

So far this year, futures prices for gold GCQ5, -0.21%  have lost more than 7%, platinum PLV5, -0.71%  has plunged at least 18% and copper HGU5, +0.59%  is down more than 16%, while key indexes for the mining stocks, including the Philadelphia Gold and Silver Index XAU, -3.83% have tanked by 30%. That makes stocks “cheap” — at least relative to the declines in metals prices.

And just last week, mining giant Anglo American PLC AAL, -0.69% AAUKF, +1.50%  announced plans to cut roughly 53,000 employees in its workforce over the next few years to cut costs. South African miner Lonmin PLC LMI, -12.11% LNMIF, -7.14% which produces platinum and gold among other metals, has plans to cut 6,000 workers over the next two years because of falling prices and rising costs.

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