Gold Fields Expectations High for Q3; US Gold Bullion Sees Big Drop

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Gold Fields Ltd. has high expectations for Q3. Specifically, the company expects “gold equivalent production to reach roughly 496,000 ounces in the third quarter, what would be a 10% increase on the 451,000 gold equivalent ounces produced in the second quarter of 2013,”  reports Kitco.

“Cash costs are expected to be approximately $780 an ounce, which is 9% lower than the $857 per ounce achieved in  the second quarter, and notional cash expenditure is expected to be approximately $1,080 an ounce, 13% lower than $1,239 an ounce in the second quarter,” the company says.

US gold bullion saw a 3.0 percent drop on Wednesday, October 2, making it the biggest mover of the day. Indian gold bullion closed 1.6 percent lower. Chinese gold bullion stayed flat. The price of Japanese gold bullion was essentially unchanged.

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After a 3.0 percent increase, Indian silver finished the day. US silver finished the day down 2.5 percent. The price of Chinese silver remained essentially flat. The price of Japanese silver remained steady.

US platinum bar fell 1.6 percent yesterday. Chinese platinum bar stayed flat. The price of Japanese platinum bar showed little movement yesterday.

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The price of US palladium bar declined 1.0 percent. The price of Japanese palladium bar held steady. The price of Chinese palladium bar saw essentially no change for the fifth day in a row.