If you’re looking for an all-encompassing read on the gold market today, look no farther than the massive write-up from Bloomberg. It covers everything from mining to exploration to investment and contains a few interesting nuggets like this:
“Companies are pretty good at knuckling down and ultimately reducing costs,” Jamie Sokalsky, CEO of Toronto-based Barrick, said. “I don’t think you are going to see massive types of closures.”
Closures would be the best thing for gold prices because fewer mines would crimp supply.
On the other hand, such a negative story from a mainstream source could mean all the fast money has cleared out of gold.