Here’s why the gold price could fall another 25% before bottoming out
Gold’s been mauled this week as commodities sank to a 13-year low. It may get worse, according to Morgan Stanley, – bullion may tumble to $800 an ounce.
Gold’s been mauled this week as commodities sank to a 13-year low. It may get worse, according to Morgan Stanley, – bullion may tumble to $800 an ounce.
Some of the lowest valuations in decades and rising pressure on Africa’s gold producers to restructure or perish are likely to spur a wave of acquisitions in a sector attracting a growing number of potential buyers.
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Landlocked Mali aims to diversify its mining sector away from gold with Chinese-built rail projects worth $9.5 billion that would link it to the Atlantic coast, even as slowing Chinese growth and falling commodity prices cool investment.
Tanzania plans to lift gold production at its Stamigold Biharamulo gold mine, formerly owned by African Barrick Gold
JOHANNESBURG (Reuters) – South African gold producer Gold Fields said on Monday it had received a letter from the government expressing concern about its social and labour plans but did not think the licence at its flagship South Deep mine was in jeopardy. “I can confirm that we received a letter from DMR (department of mineral resources) … Read more
JOHANNESBURG (Reuters) – South African gold producer Sibanye Gold said on Thursday its first-half earnings fell by more than 50 percent, reflecting the dilutive impact of a share issue this year. Diluted headline earnings for the six months to end-June totalled 8 U.S. cents a share, compared with 17 cents a year earlier. Gold production … Read more
JOHANNESBURG (Reuters) – South African stocks edged lower on Monday in line with global peers as simmering political tensions in Ukraine weighed on appetite for risky assets. But shares of mining firm Anglo American Platinum rose 4.69 percent to 478.74 rand after the company said it would sell its strike-hit and underperforming mines in Rustenburg. Resource shares … Read more
JOHANNESBURG (Reuters) – Africa’s top gold producer AngloGold Ashanti said on Monday that Christine Ramon would be replacing Richard Duffy as its chief financial officer from October 1. Ramon, 47, is one of the most high-profile female executives in South Africa. She was CFO at petro-chemicals giant Sasol from 2006 to 2013, when the company initiated a number of … Read more
By Ed Stoddard JOHANNESBURG, June 27 (Reuters) – Are mispricing and the opacity of commodities trading in Switzerland contributing to Africa’s underdevelopment? The world’s poorest continent remains heavily dependent on natural resources and so is extremely vulnerable to manipulations in the price of the commodities it extracts and exports, with very real consequences for its … Read more