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Yesterday, it was revealed that fund manager BlackRock had used the recent plunge in the gold price to go bottom fishing in Randgold Resources. The manager spent about £4m to bring its stake back above 14pc. The recent collapse in precious metals prices sent gold equities plunging. Gold entered a bear market last week, with [...]
Barrick Gold Corp (ABX.TO), making a painful adjustment to a sustained slump in bullion prices, said on Wednesday it was scaling back capital spending and reported progress in controlling costs, sending its shares higher. The world’s No. 1 gold producer also warned that it could suspend development at its largest new project, Pascua-Lama, after a [...]
South African stocks ended mostly flat on Wednesday as gains by resource producers including Harmony Gold offset declines from a mixed bag of companies that reported disappointing earnings. Agricultural services company Afgri was one of the biggest losers on the broad All-Share index, sliding nearly 6 percent to 4.80 rand after it warned full-year earnings would likely fall by as [...]
Gold producers, ignored as global stocks rebounded in the past two years and investors turned to exchange-traded funds that track bullion, face closing mines or shutting themselves down after the metal’s worst slump in three decades this week made 15 percent of miners unprofitable. Barrick Gold Corp. (ABX) and Newmont Mining Corp., the world’s two largest [...]
Hedge fund manager John Paulson’s Advantage Fund is losing money again this month in the wake of a sharp selloff in gold, a source familiar with the numbers said on Thursday. Next week, Paulson, who has made billions off his gold investments in the past, will update his clients about all of his funds, including [...]
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