Barrick Gold Founder To Step Down; Indian Gold Bullion Jumps 5.4%

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It looks as though Barrick Gold Corp’s “founder and Chairman Peter Munk will likely leave the board at next year’s annual meeting, a move that sources say is intended to persuade reluctant investors to buy into the miner’s $3 billion equity offering,” reports Reuters.

“Sources familiar with the situation say banks underwriting the deal have struggled to sell as much as a third of the shares on offer. Investors have become increasingly concerned about Barrick’s governance, especially what many see as the board’s lack of independence and Munk’s dominant role in the boardroom.”

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Indian gold bullion saw a 5.4 percent increase on Friday, November 8, making it the biggest upwards shift of the day. The price of US gold bullion fell 0.8 percent. Chinese gold bullion prices saw a 0.6 percent decline. The price of Japanese gold bullion moved up 0.4 percent.

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After improving for two days, the price of US silver declined 0.6 percent. After a 0.4 percent increase, Japanese silver finished the day. The price of Chinese silver closed, following a couple days of improvement, the metal’s price weakened by 0.3 percent. Weakening prices followed two days of improvement as the price of Indian silver dropped 0.1 percent.

The price of Japanese platinum bar finished the market day up 0.8 percent per gram. The price of Chinese platinum bar declined 0.7 percent. US platinum bar held its value last Friday.

Japanese palladium bar gained 1.4 percent to finish. The price of US palladium bar closed. Following a couple days of improvement, prices fell by 0.1 percent. The price of Chinese palladium bar ended a two-day climb.