Newmont Mining Corp. lost $2 billion, as gold bullion prices have been dropping significantly this year.
Via Reuters: “When asked in a conference call with analysts about hedging gold or copper to protect against price drops, Newmont’s chief executive Gary Goldberg said the option had been discussed, but was not currently being contemplated. ‘Sure, there are cycles happening in the prices,’ he said. ‘But looking to hedge our gold or copper prices is not something we’re considering taking on at this time.’ Gold hedging, once a popular practice among producers, all but dried up in the mid 2000s, as miners spent billions to unwind forward sales and regain full exposure to rising bullion prices.”
On our daily index, following a two-day decline, the price of Indian silver climbed up 3.9 percent on Friday, July 26. After improving for two days, the price of Japanese silver declined 0.9 percent. After falling for two days, the price of Chinese silver rose 0.7 percent. Following a two-day drop, the price of US silver increased by 0.5 percent.
Following two days of rising prices, the price of Japanese gold bullion dropped 1.3 percent. US gold bullion gained 0.9 percent. Chinese gold bullion finished the day up 0.8 percent. After a 0.4 percent increase, Indian gold bullion finished the day up.
Japanese platinum bar prices saw a 1.0 percent decline. The price of Chinese platinum bar is back up, rising by 0.3 percent last Friday. The price of US platinum bar showed little movement last Friday.
The price of US palladium bar fell 1.3 percent. Chinese palladium bar ended the day after the 0.6 percent drop last Friday. Japanese palladium bar fell 0.5 percent last Friday.