Barrick Gold is Shaking Things Up; Japanese Silver Declines After Improvement

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Barrick Gold Corp is spicing things up. The company, “under fire for missteps in a tough market, started to address investor demands for a more independent board on Wednesday, by replacing two directors close to its departing founder with a pair of mining industry experts,” reports Reuters.

“Incoming chairman John Thornton said he may look at hedging Barrick’s exposure to the price of gold and made it clear that over the long term, the world’s biggest gold producer, could diversify further into other metals.”

“As widely expected, Barrick confirmed that Thornton will replace 86-year-old chairman and founder Peter Munk this spring. Two other directors will also leave, and Barrick nominated four new independent directors.”

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In other precious metals news…
Following two days of increases, the price of Japanese silver dropped by 2.9 percent on Wednesday, December 4. The price of Chinese silver fell 1.1 percent. Indian silver fell 0.2 percent on Wednesday. US silver prices saw a 0.2 percent decline.

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Indian gold bullion closed 1.7 percent lower. The price of Japanese gold bullion changed direction with a 1.2 percent drop. After two days of improving prices, the metal finished. US gold bullion gained 0.4 percent to finish. Chinese gold bullion saw its price drop 0.1 percent to a 30-day low yesterday.

After improving for two days, the price of Japanese platinum bar declined 0.7 percent. The price of Chinese platinum bar remained essentially flat. The price of US platinum bar was essentially unchanged.

After a 0.6 percent increase, Japanese palladium bar finished the day. The price of US palladium bar increased 0.6 percent. The price of Chinese palladium bar steadied following two-days of dropping prices.