Why Shares of Kirkland Lake Gold Sank 15% in February

After sinking more than 6% through 2020, shares of Kirkland Lake Gold (NYSE: KL) have followed the same downward trajectory in the beginning of 2021. Falling 7% in January, Kirkland Lake's stock subsequently tumbled 15% in February, according to data provided by S&P Global Market Intelligence. Since there is a strong correlation between the market price of gold and the price of gold mining stocks, it's unsurprising that shares of Kirkland Lake slumped in February.