Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
Gold assets held in the world’s largest exchange-traded product backed by the metal tumbled by the most since June 2013.
Holdings in SPDR Gold Shares dropped 16 metric tons to 965.22 metric tons on Tuesday as U.S. equity markets reached record highs. The drop comes after assets in the ETF jumped by 50 percent this year, headed for the biggest yearly gain in a decade.
Gold is up 26 percent this year, the best start since 1979, as slowing global economic growth and the fallout from the U.K. decision to leave the European Union boosted the metal’s appeal as a haven.
