Newcrest Mining Loses Big; Gold, Silver Prices Up Today

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Australia’s Newcrest Mining joins the ranks of Barrick Gold Corp in losing out on the global gold market.

Via Reuters: “Newcrest and its peers have all been hammered by a 26 percent plunge in gold prices this year, and been forced to book huge writedowns, slow expansion projects and slash costs. Canadian rival Barrick Gold Corp last week announced the biggest writedowns in the gold industry at $8.7 billion.

“The Australian gold miner reiterated it would focus on slashing costs and boosting production from its lowest cost mines, as it looks to shore up cashflow and fend off another downgrade in its credit rating.”

Indian silver saw the biggest upwards shift for the day on our price index, rising 7.1 percent on Friday, August 9.

* Get the complete prices every day on the MetalMiner IndX℠

After a 3.4 percent shift up, US silver made one of the day’s biggest improvements. Another of the day’s biggest movers was Chinese silver which rose 3.2 percent. The price of Japanese silver finished the market day up 2.5 percent per 10 grams.

The price of US gold bullion increased 1.9 percent. After a 1.6 percent increase, Japanese gold bullion finished the day higher. The price of Indian gold bullion declined 1.2 percent. Chinese gold bullion prices inched up 0.8 percent.

The price of Japanese platinum bar jumped 3.6 percent. US platinum bar made a large daily increase of 3.6 percent. Chinese platinum bar gained 2.3 percent.

US palladium bar prices rose 1.9 percent. Chinese palladium bar finished the day up 1.9 percent. Japanese palladium bar saw its price rise 1.4 percent.

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