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Gold price seen near tipping point for mine cuts and closures

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Published : September 25th, 2014
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Category : GoldWire

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By Nicole Mordant
Reuters
Thursday, September 25, 2014

VANCOUVER, British Columbia -- The price of gold, down more than a third in three years, is approaching the tipping point where the mining industry would see a spike in the number of producers reducing output or even shutting down operations.

Several mines globally have already suspended output in the past 18 months, but not as many as industry watchers expected as producers focused on slashing costs and reworking mine plans to extract more profitable, higher-grade ounces.

But with bullion's slide this week to a nine-month low of $1,208.36 an ounce, those defenses may not be enough. ...

... For the remainder of the report:

http://www.reuters.com/article/2014/09/25/us-...look-analysi...

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Chris Powell is the secretary of the Gold Anti-Trust Action Committee (GATA) which has been organized to advocate and undertake litigation against illegal collusion to control the price and supply of gold and related financial securities.
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