“Following gold’s historic drop in mid-April, major gold producers saw a whopping total of $23 billion in impairments on their assets in the second quarter alone,” reports Kitco.
What’s in store for these major gold producers?
“My expectations for some of the larger majors, who have strategic positions in commodities or for the diversified industrial producers, will have higher production volumes but not necessarily higher profitability,” said Peter Gray, managing director at Headwaters MB (to Kitco News). “I still think you’ve got, embedded in their statistics and operating performance, a degree of impairment they’re coming through, so I think with the large companies you’re not going to see, with a couple of exceptions, you’re not going to see large impairment charges, they’ve already cleaned house.”
On Friday, October 11, the day’s biggest mover was Indian silver, which saw a 2.2 percent decline. The price of Japanese silver changed direction with a 2.0 percent drop. After two days of improving prices, the metal finished. The price of US silver declined 1.0 percent. Chinese silver finished the day down 0.9 percent.
US gold bullion ended the day after the 1.6 percent drop last Friday. The price of Chinese gold bullion declined 0.9 percent. Japanese gold bullion prices saw a 0.6 percent decline. Indian gold bullion stayed flat.
Japanese platinum bar closed 0.7 percent lower. US platinum bar saw its price rise 0.3 percent. Chinese platinum bar saw little change in its price last Friday.
The price of US palladium bar increased 1.0 percent. After a 0.6 percent increase, Chinese palladium bar finished the day. Japanese palladium bar finished the day up 0.3 percent.