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.
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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