Bonterra closes $24 million private placement, stock jumps

Bullion purchases seen as shoring up the foreign exchange reserves Russia has been forced to sell amid a plunging ruble. Western sanctions and the falling price of oil are to blame.

Last week we argued that the underperformance of the gold miners during Gold’s rebound was a bad sign.

For those that haven’t had access to the internet or TV today, the West African country of Burkina Faso’s government has collapsed and is essentially in complete disarray.

Winners were few and far between Friday, but punters couldn't resist Nevsun Resources stock after low-cost high-grade Eritrea mine delivered on all counts.

Down 3% to levels last seen July 2010 with "chances increasing" of a further $100-plus decline this year.

According to The Times, Rio flagged the possibility of a writedown in August.

The miner blamed low metals prices and productivity inefficiencies for the decision.

Gold price below $1,200, silver falls to 56-month low.

Value of low-grade ore stockpile at the Peñasquito mine dropped, raising average costs by $64/oz. and negatively affecting adjusted earnings by $0.04/share.