Chinalco could invest $426 million in Suriname bauxite project
If approved by parliament, Chinalco could begin construction by the middle of next year.
Better than expected US jobs data from Friday morning has pushed the precious metal further south to $1,215.80, triggering a sell-off of many of the world’s largest gold miners‘ shares.
Barrick: down 5.3%
Goldcorp: down 8.1%
Kinross: down 8.3%
Newmont: down 5.7%
Randgold: down 5.8%
The gold price decline is said to be “feeding on itself.” As each new technical barriers is swiftly breached, significant new lows quickly become possible. When gold dipped under $1,300, it went below the 50 percent retracement level from its high in 2011. Now Jim Rogers says that gold could fall as low as $900/oz.
Slowed bullion demand in China and India, and life signs from the US and Japanese economies are two drivers of anti-gold sentiment, which has reached new heights.
Economist Nouriel Roubini, “Dr. Doom,” who is among the preeminent gold bears, says “gold prices are likely to move much lower, towards $1,000 by 2015…unlike other assets, gold does not provide any income…gold remains John Maynard Keynes’s ‘barbarous relic,’ with no intrinsic value and used mainly as a hedge against irrational fear and panic.”
