Newcrest Mining See Big Changes; Indian Silver Sees Large Increase

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Newcrest Mining is mixing it up after a terrible year. After “report[ing] a $5.3bn loss and [coming] under scrutiny for possible breaches of corporate law, Australia’s largest gold producer announced Wednesday major changes at the top,” reported Mining.com.

“After seven years as chairman, Don Mercer will retire in December leaving his position to board member Peter Hay, who is also on the board of Australia and New Zealand Banking Group Limited.”

The company has also “appointed former Rio Tinto aluminum executive Sandeep Biswas as its chief operating officer, with the plan of replacing current chief executive Greg Robinson in the second half of 2014.”

With a 3.4 percent increase on Tuesday, October 8, Indian silver was the biggest mover on the Global Precious Metals MMI®. The price of US silver increased 2.8 percent. The price of Chinese silver gained 1.9 percent. The price of Japanese silver was essentially unchanged.

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Indian gold bullion fell 2.8 percent yesterday. US gold bullion prices rose 0.9 percent. The price of Chinese gold bullion fell 0.7 percent yesterday after three straight days with no change. Japanese gold bullion stayed flat.

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The price of Chinese platinum bar fell 1.0 percent on Tuesday. US platinum bar finished the day up 0.5 percent. The price of Japanese platinum bar remained essentially flat.

The price of Chinese palladium bar moved yesterday. After a few changeless days, prices dropped 1.9 percent. Following a 0.4 percent rise yesterday, the price of US palladium bar closed. The price of Japanese palladium bar remained steady.