Barrick Gold Corp, the largest gold miner in the world, posted a whopping $8.56 billion loss based on big impairment charges related to its Pascua Lama mine, among other things, according to the Wall Street Journal.
“Barrick, like its gold peers, has been grappling with higher mine costs and lower gold prices. It recently delayed the planned startup of Pascua Lama, which straddles the Chilean and Argeninean border, to mid-2016 from the second half of 2014 due in part to the weaker gold market…Barrick said it produced 1.8 million ounces of gold in its latest quarter, up from 1.7 million ounces a year earlier,” according to the article.
Today, Indian gold bullion finished the day up 0.8 percent.
Japanese gold bullion prices rose 0.5 percent. The price of US gold bullion remained steady. The price of Chinese gold bullion remained essentially flat.
Weakening prices changed direction when the price of Indian silver rose 4.3 percent, the biggest mover on the precious metals price index. US silver closed 0.6 percent lower. Chinese silver prices saw a 0.4 percent decline. Japanese silver held its value on Wednesday.
The price of US platinum bar fell 0.3 percent. Chinese platinum bar stayed flat. The price of Japanese platinum bar was essentially unchanged.
US palladium bar fell 1.9 percent yesterday. Japanese palladium bar saw little change in its price yesterday. The price of Chinese palladium bar showed little movement yesterday.