That was until it reached its peak in September 2011 at more than $1,900 an ounce. Compare that to April 15th when prices of gold came crashing down to less than $1,400 an ounce and you’ve got yourself a predicament.

Jared Baker, the head of commodities sales in Asia for Credit Suisse explained, “…this dramatic fall is causing a strategic rethink…there needs to be more focus on getting back to running profitable operations.” And re-think they have as many gold companies are re-budgeting and rethinking larger operations to see what they can do to cut costs.

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Pertaining to mining stocks, Eldorado Gold Corp and Nevsun Resources Ltd. were the only stock that increased rising nearly 1% to $7.55 and 0.82% to $3.65 respectively. When it comes to ETFS, Junior Gold Miners ETF Market Vectors were up 0.58%.

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