Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of precious metals miner U.S. Gold (NYSE: UXG) were looking a bit tarnished today as they lost as much as 11% in intraday trading.

So what: Precious metals -- and silver in particular -- have taken a bit of a drubbing over the past week. Today, the slippage continues with gold off by 1% and silver falling more than 8%. Since U.S. Gold's hope is to mine both gold and silver, lower prices aren't good news for investors.

Now what: Of course, the operative word above is "hope," as the company still isn't reporting revenue and is racking up losses as it continues exploration and production preparations. Investors have been excited by the company's prospects and the involvement of former Goldcorp (NYSE: GG) captain, Rob McEwen. The price that the company can fetch for the metals it sells is certainly important, but with a speculative company like this, investors may be better off taking a longer view.

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Fool contributor Matt Koppenheffer does not have a financial interest in any of the companies mentioned. You can check out what Matt is keeping an eye on by visiting his CAPS portfolio, or you can follow Matt on Twitter @KoppTheFool or on his RSS feed. The Fool's disclosure policy prefers dividends over a sharp stick in the eye.