The effects of declining gold prices are beginning to show… “Goldcorp Inc. reported a fourth-quarter loss of $1.1 billion, or $1.34 per share, compared to net earnings of $504 million, or 62 cents per share, in the fourth quarter of 2012 mostly due to declining gold prices and impairment charges,” reports Kitco.
“The company recorded $763 million of tax charges due primarily to the recently enacted Mexico income laws effective Jan. 1, 2014. Goldcorp said they also recorded impairment charges of $443 million, net of tax, including a $276 million impairment at Alumbrera due primarily to changes in short-term metal price assumptions.”
“Adjusted net earnings dropped to $74 million, or 9 cents per share, compared to net earnings of $465 million, or 57 cents per share, for the fourth quarter of 2012. Adjusted quarterly revenues were $1.2 billion compared to adjusted revenues of $1.4 billion, the company said.”
In metal price news for precious metals…
Indian silver had the largest decline on Wednesday, February 12, dropping 2.6 percent. The price of US silver increased 0.8 percent. Chinese silver closed 0.4 percent lower. The price of Japanese silver remained essentially flat.
US gold bullion prices inched up 1.2 percent. The price of Indian gold bullion changed direction with a 0.2 percent drop. After two days of improving prices, the metal finished. The price of Chinese gold bullion flattened after two days of improvement. Japanese gold bullion stayed flat.
After a 0.1 percent increase, US platinum bar finished the day. The price of Chinese platinum bar steadied following two-days of increases. The price of Japanese platinum bar remained steady.
Chinese palladium bar ended the day, after the 0.6 percent drop on Wednesday. The price of US palladium bar finished the market day up 0.3 percent per ounce. The price of Japanese palladium bar was essentially unchanged.