Barrick Gold Corp Faces Lawsuit; US Bullion Price Falls This Week

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According to the Toronto Star, “Barrick Gold is facing yet another class-action lawsuit from a group of investors as the Canadian mining giant struggles to adjust to faltering metal prices. The lawsuit filed by a New York law firm focuses on one of Barrick’s South American mines. The suit alleges Barrick violated federal securities laws by making false and misleading statements, and by concealing information related to the cost and development schedule for its Pascua-Lama project.”

The biggest mover on the weekly Global Precious Metals MMI® was the price of US gold bullion, which saw a 1.5 percent decline. This comes on the heels of a 2.9 percent increase the week before.

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The price of Japanese gold bullion declined 1.3 percent over the past week. Indian gold bullion saw its price shift up 0.7 percent. Following a 0.5 percent increase in the week prior, the price of Chinese gold bullion fell 0.4 percent last week.

The price of Indian silver increased by a slight 1.3 percent over the past week. The price of Chinese silver rose 0.6 percent after falling 0.1 percent during the previous week. The price of US silver fell 0.5 percent after rising 2.4 percent the week before. After a 0.2 percent decline, Japanese silver closed out the week.

The price of Chinese platinum bar rose 1.3 percent after falling 0.7 percent during the previous week. Following a 1.3 percent increase, US platinum bar finished the week higher. The price of Japanese platinum bar rose 1.2 percent after falling 2.9 percent during the previous week.

The price of US palladium bar rose 0.7 percent after falling 2.8 percent during the previous week. The week finished with no movement for Japanese palladium bar. The price of Chinese palladium bar did not change since the previous week.

Don’t forget to read July 2013 MMI analysis before August’s report comes out next week!

The Global Precious Metals MMI® collects and weights 14 global precious metal price points to provide a unique view into precious metal price trends. For more information on the Global Precious Metals MMI®, how it’s calculated or how your company can use the index, please drop us a note at: info (at) agmetalminer (dot) com.