Endomines acquires Friday open-pit mine lease from NexGen

He will focus on a new business venture in resources and other hard assets, said Barrick.

While gold was moderately higher in early U.S. trading Thursday analysts agree the whole industry is on a bit of “a knife-edge.”

World's second largest gold miner ups 2015 production to 5.2m–5.5m ounces after second quarter earnings jump 30% and costs fall 14%.

Precious metals strategist at RBC Capital Markets says selloff in gold was sparked by one large trade, rather than any sea change in the fundamentals.

Could fall back to triple digits this year predicts Goldman Sachs.

Robust strategic planning.

Ironically, in a world awash in fiat currencies that are created at an ever increasing pace, and whose value is solely derived from faith in the issuing state, gold is the only form of money whose value does not require a leap of faith.

Bullion's slump to a five-year low this week is heaping new pressure on an already stressed gold mining industry but mine closures are not expected to happen quickly as operators instead try to reduce costs to keep operations going.

Federal Natural Resources Minister, Greg Rickford, argues that the federal government is taking the right steps through new legislation.