Union files complaint against Orla Mining, alleging violation of worker rights in Mexico
The complaint is only the second of its kind made from Canada using CUSMA’s RRM process since the trade deal came into force in 2020.
On Friday, the price of gold dropped to the lowest level since April 2010 after the Fed said the world’s largest economy favours a rate rise this year which boosted the dollar and Chinese disclosure about its gold holdings disappointed the market.
Futures contracts in New York with August delivery dates were trading at $1,131.20 an ounce in afternoon trade, down more than 1% from yesterday’s close in a second day of losses.
The gold market has turned overwhelmingly bearish with large gold futures investors such as hedge funds slashing long positions – betting on a rising price – to less than 1m ounces, the lowest in at least nine years. At the same time speculators’ short positions – bets that gold could be bought cheaper in the future – jumped to all-time record highs.
Gold’s weakness led to a brutal sell-off among the world’s top gold miners.
More than 22m Barrick shares changed hands as the share tumbled 5% to the lowest since 1990
The sell-off was led by Barrick Gold Corp (NYSE:ABX, TSE:ABX), the world’s top producer of the metal, which tumbled 5% to the lowest in USD terms since 1990. More than 22m shares changed hands, double the usual daily volume for the share.
Barrick’s market value is down 32% over the last three months and is now worth $13.8 billion in New York. That compares to a $64 billion capitalization when gold was at $1,900 in 2011. Barrick’s gold production is expected to fall to between 6.2m – 6.5m ounces as it disposes of underperforming assets to tackle its crippling debt-load of more than $13 billion.
The world’s most valuable gold stock, Goldcorp (TSE:G, NYSE:GG) fell 6% in heavy volumes of more than 10m shares traded and is now worth $13 billion in New York and C$16.4 billion in Toronto – a decade low. Year to date share price decline for the Vancouver-based firm is a relatively modest 10% in Canadian dollar terms thanks to the falling loonie which hit six year lows this week.
Goldcorp is forecasting a whopping 20% production increase this year to between 3.3m – 3.6m ounces despite cutting capex costs nearly in half to $1.3 billion. Goldcorp latest project to come on stream is the Argentina-based Cerro Negro gold and silver mine while its also ramping up at Éléonore in Quebec.
World number two in terms of production Newmont Mining Corp (NYSE:NEM) was spared some of the carnage, declining 2.9%. Denver-based Newmont, the only gold company that forms part of the S&P500 index and which has been publicly traded since 1940, is having a good 2015 so far, with 10% gains this year thanks to institutional interest.
While others are disposing of mines, Newmont is building its portfolio and last month acquired a 100% interest in the Cripple Creek & Victor gold mine in Colorado for $820 million in cash from AngloGold Ashanti. The company estimates 2016 production of between 350,000 and 400,000 ounces at the mine.
ADRs of AngloGold Ashanti (NYSE:AU), the world’s third largest gold producer in terms of output fell 5.8% for a market value of $3.1 billion on the NYSE.
AngloGold Ashanti is expected to produce some 4m ounces in 2015, but is in the midst of tough wage negotiations at its core operations in South Africa and the threat of a strike has seen the counter lose 18% of its value in just one month.
The Johannesburg-based company’s output in the country was already down 18% in its first quarter even as costs rose 12% despite a fall in the value of the rand against the US dollar.
Agnico Eagle Mines (TSE:AEM, NYSE:AEM) also sold off, losing 5.3% on the day and cutting its market capitalization down to $7.3 billion in Toronto and $5.8 billion in New York.
Agnico Eagle is the only major gold producer in positive territory for 2015
Despite a sharp pullback over the past month the stock is the only major gold producer in positive territory for the year – up 8% year to date in CAD terms while staying just in the black on the NYSE.
The Toronto-based company operates nine mines located in Canada, Finland and Mexico and hit record production during its first quarter. Agnico’s Meadowbank mine in Canada and 50%-owned Canadian Malartic mine are ramping up production helping it to raise 2015 output guidance to 1.6 million ounces.
Randgold Resources ADR’s trading on the Nasdaq (LON:RSS, NASDAQ:GOLD) also came under pressure with the punters’ favourite losing 2.3%. The Africa-focused miner with a $6 billion valuation has declined 30% since hitting four-year highs in July last year.
Randgold has been piling on the ounces at its mines in West and Central Africa, growing output 26% last year with a target of 1.2m ounces this year.
Its Kibali mine in the Democratic Republic of Congo which boasts reserves of 12 million ounces should hit 600,000 ounces this year while its Tongon mine in Côte d’Ivoire is also being upgraded.
The company has also completed a feasibility study for an underground mine at its Loulo-Gounkoto gold mining complex in Mali.
Randgold is one of the fastest growing gold miners in the world becoming the world’s fifth most valuable gold counter
Randgold, which have been active in West Africa for almost 20 years, is one of the fastest growing gold miners in the world, moving it up the ranks over the past couple of years to become the fifth most valuable gold counter.
Yamana Gold (TSE:YRI) dropped 2.7%, and the once high-flying Toronto-based company is now down a more than third in value in just three months after reporting disappointing full year 2014 results.
The company has had operational issues at its Argentina and Brazilian mines but still plans to up output this year to 1.3 million ounces. Yamana is worth $3 billion on the TSX, down a whopping 67% from highs hit in August last year.
Toronto’s Kinross Gold (TSE:K) was knocked 5.7%, slicing its market worth to $2.8 billion. After starting the year with a bang, the stock is now down nearly 44% from its 2015 highs.
The company produced 2.6 million ounces last year with some 720,000 ounces coming from Russia, making Kinross much cheaper than its peers on an ounce for ounce basis. Kinross recently settled a number of class-action lawsuits tied to its disastrous purchase in 2010 of Red Bank Mining for more than $7 billion.
Canada’s Eldorado Gold Corp (TSE:ELD) fell 8.8%. A promising start to 2015 for the stock came to an abrupt end on January 21 when the Vancouver-based gold producer’s outlook for the year came in way below expectations.
The company with mines and projects in crisis-hit Greece, now worth $3.1 billion on the Toronto big board, announced record production of 782,224 ounces during 2014, but slashed forecast production for this year to between 640,000 and 700,000 ounces and upped costs at the same time.
20 Comments
worldscam
We live in the world’s most corrupt times. The fact that the
miners have allowed themselves to get destroyed by illegal manipulation of
“paper” Gold/Silver contracts despite MASSIVE Physical Demand – http://schiffgold.com/commentaries/demand-for-physical-gold-and-silver-spikes-in-the-midst-of-economic-uncertainty/?utm_medium=social&utm_source=twitter&utm_campaign=gold-news&utm_content=peterschiff just because THIS disgusting, criminal man: #BENOITGILSON http://www.silverdoctors.com/meet-the-face-of-gold-manipulation/ is ‘allowed’ to dump
$billions of phony paper contracts into the market open EVERY DAY at 8 to
8:30am -and, sometimes, also at 2-2:30am before the Europe open – in order to
ensure that the corrupt, never ending stock bubbles go on and the $USD- doesn’t crash- or else the whole worldwide ponzi scheme collapses.
America, unfortunately, has become THE MOST corrupt nation on
earth-(should be renamed SCAM erica) w/the most debt of any country -EVER- $18 trillion and growing- which makes Greece debt look miniscule- YET somehow the even more brainless countries on earth still allow these criminals to be the leaders of the fraud and corruption.
And Benoit Gilson took over as the Godfather of daily hits on gold and silver
-from Mikaël Charozé’s (similar to Michael Corleone_-who used to be the one
dumping horse heads on the beds of all mining share
holders.http://www.zerohedge.com/news/bis-fxgold-intervention-profiles-and-after-after
All this goes on and on and on and on and on as asleep-on-the-job regulators
continue to be in on the corruption- accepting bribes-
like the FBI, DOJ on the IRS corruption case; Republicans like Paul Ryan and
John Boehner accepting bribes to pass ObamaTrade , etc…
As far as gold/silver manipulation, the only thing worse than corrupt big banks like JP Morgan and Goldman Sachs – profiting from the manipulation-are the even more corrupt judicial systems -Even SCOTUS in SCAMerica- (John
Roberts) have been suspected of accepting bribes to let the farce that is
Obamacare continue.
Regulators refuse to address the glaring hypocrisy and utter incompetence of everyone involved- because they are IN on the corruption and profiting.as the rest of the world suffers their demise
Meanwhile, #GATA s main work is to document and publicize all the
rigging- but they NEVER have any impact. They don’t even have a link to Benoit
Gilson on their website.
And, of course, the mainstream media ignores all the fraud –because, they, too,
are in on ithe propaganda-profiting from the corruption
Instead of reporting the truth, they go along with the constant
bs rhetoric that America’s most corrupt organization of all- the Federal Reserve- and their top criminal – Janet Yellen- will raise interest rates – attributing
dollar’s rise to hawkish comments made by Yellen, despite the fact that nothing
she said could be considered hawkish.
The truth is that everything is NOT AWESOME .. in SCAM erica.
Data has been weak all year. Just this past week:
-Michigan Consumer Sentiment Index unexpectedly dropped to 93.3,
missing expectations of 96 by the most since 2006;
-Philly Fed plunged to 5.7, well below expectations; the biggest
miss since Jan. –Employment Index also lowest since Jan;.
-the 4-week moving average for jobless claims rose to 282.5K,
the highest in 3 months – despite the fact that the entire BLS data system is
rigged- not EVER taking into account that unemployment is MUCH WORSE in America
-with REAL unemployment closer to 25% -numbers like Greece —Only Donald Trump has the guts to talk about this-
with…
-47 million plus on food stamps
-Monthly auto production fell 5.5% in
June-suggesting that the sub prime auto finance bubble has burst.
-Restaurant and bar sales fell .2% in
June- most since Jan, 2014- which means that the #1 job in SCAM erica
(bartenders and waiters) may start facing layoffs Currently bartenders and
waiters outnumber mfg jobs in SCAM erica 26:1
-NFIB Small Business Optimism Index
plunged 4.2 to 94.1 in June- lowest since April, 2014 9 of 10 components fell
.. 1 flat
-June retail sales unexpectedly
plunged .3%, biggest drop since Feb. Excluding auto sales which fell..1% v.
expectations of a .6% rise
-U.S. June Industrial production rose
just 1.54% year-over-year, the slowest rate of increase since Feb, 2010;.
-Lower rates failed to lift purchase
mortgage applications, which fell 8% this week, the largest weekly drop since
Nov. 26th 2014.-because everybody is renting and nobody can afford a
mortgage-in US Real Estate Bubble 2.0-the 2nd biggest fraud there is….beyond
the Stock Bubble 3.0-3rd in 15 years.
Bad numbers flood in EVERY day: yet the stock bubble fraud goes on and on and on- where the bad data is ignored and where companies are MANIPULATING earnings at a pace that far exceeds Enron and
Worldcom on steroids…- with Non-GAAP and
“restructuring charges” $AA:
http://www.zerohedge.com/news/2015-07-08/getting-ridiculous-70-alcoas-ltm-earnings-are-restructuring-charges
AND “oldest accounting tricks in
the book” $INTC:
http://www.philstockworld.com/2015/07/15/the-oldest-trick-in-the-accounting-book-the-reason-for-intels-massive-eps-beat-in-one-chart/
Most EVERY earnings report is corrupt and most every company in SCAM erica has become run by the next Bernie Ebbers and Bernie Madoff.
Yet – it’s ‘gold and silver’ that is crushed’ every day-despite everything
wrong with the debt filled world.
America has become the land of the #FRAUD and the home of the #BRAINLESS. Somehow, they’re looked at leaders of the corrupt world providing the blueprint for corruption and manipulation with #CEOs only increasing share value via this accounting fraud and via #stockbuybacks
The ONLY thing holding us by a thread is the #manipulation of the #PlungeProtectionTeam made up of #fraud filled banks such as #JPMorgan cornering the Commodity Derivative
Market …manipulatiing gold prices., along with #Benoit Gilson, etc -all #financialterrorists -different levels of the Osama Bin Laden of #financialterrorism- the #FederalReserve..
We are one grain of sand away from an all out #crash.
#NYSE #MarginDebt reveals that #banks are gambling and speculating in most
extreme form- way more than 2008. The last time margin debt has been this
high/2000 and 2007-right before crashes. Stock market participation rate is at
all-time low levels because most people aren’t participating in this bubble.
It’s all being manipulated by the participants above (fraud filled banks and #federalreserve)-#financialengineering #corrupt #accounting and manipulated
#PERatios -which are at highs only seen before
crashes of 2000 and 2008- as well. The inflated stock market is only 1 crack.
The main problem is the core of our economic foundation is fragile.
-Home ownership is
at lowest rate since 1965 Real estate price increases are #FRAUD.
– Over 10million
lost homes in last crash and were bought out by #BlackstoneGroup
and other corrupt investment companies.
-Prices will crash.
-This is why the #FRAUD Reserve will NEVER raise rates.
-If mortgage rates go up, it will prick the housing bubble all over again. Homeowners will get wiped out YET AGAIN
SO QUIT WITH THE
RHETORIC – IDIOTS LIKE #FRIKELS. This article SUCKS. REPORT THE TRUTH!
-The velocity of money is also dwindling ..NEVER been this low. Velocity of money has fallen off a cliff. Nominal GDP to the nominal money supply is so bad-#GDPwill NEVER come back strong no matter what
the #lying #manipulative media( CNBC) tells you.
-The #USD has gained in value lately because of a short squeeze ($9 trillion in shorts had to be covered) – JUST like the opposite for Gold and Silver. It’s ALL manipulated FRAUD
-Rise in $USD will not last. Only staying up because the rest of the world is not doing well economically either… and the US is BEST at manipulation- with the help of the countries they control. How any country can let #SCAM erica control them is beyond me. Why these countries trust this nation of fraud is beyond belief.
There are many more cracks. As mentioned above,
-Reported #BLS unemployment #s are a fraud. In 1994, long term
discouraged workers are no longer counted. Real unemployment is over 23%- way higher than PHONY reports of the #Bureau of Labor Statistics and #Bureau of Economic Analysis
-Middleclass is eroding. % of middle class shrunk in every state since 2000. —–Median household income has been shrinking since the 1960s …and there’s a student loan bubble…with $1.1 trillion in student loans that Bloomberg Television said are only 37% up to date.
More than half of recent grads are either unemployed are working at jobs without a college degree required. All linked back to core of foundation in America is so weak.
#JamesMadison said, “We must not let our rulers load us with
perpetual debt. ” And: “I go on the principle that public debt is a
public curse!”
Yet-what have our “rulers” done to us..and what
do they keep doing to us.. NONSTOP #DEBT. $18Trillion and growing by the
second. And it’s actually much higher -similar to the way the REAL unemployment rate is much higher.
The only way forward (in America, anyway) is to vote in somebody who is NOT a #keynesian- someone who will reverse the process (even though it’s getting too close to too late -as Donald J. Trump says.
This includes NO #RINOs (like #JebBush, etc) and it DEFINITELY can’t be a socialist like U.S. Senator Bernie Sanders or a complete #financialilliterate/ #criminal like #HillaryClinton.
It NEEDs to be somebody like Rand Paul, Senator Ted Cruz/ Ted Cruz or Dr. Ben Carson.. Even #DonaldTrump would be
good. He knows what it would take. Whoever wins NEEDS to eliminate the #FEDERAL RESERVE. They are destroying not only America- but the world.
We desperately need a history changer that will put Janet Yellen, Benoit Gilson, Jamie Dimon and the others in on the corruption in JAIL- or, at least, reverse the nonstop corruption course. We need someone who is honest and has the guts to call out these many criminals -instead of covering up everything.
We need to STOP the MANIPULATION EXPRESS…. and it’s just disgusting that NOT EVEN a website like MINING.com and #frikels (whoever the “FRIK” that is)
can’t even report the truth.
Jonathon
If it’s manipulation that brought the price of Gold from $1,900 to 1,130 than they same manipulators have the power to bring it to $800–$600–$300.oz. People who thought the dollar was worthless paper are watching people having no problems selling their Gold and Silver for dollars. What has everybody learned from this?
SoCalBeachDude
What on earth does the US government debt have to do with the price of gold which is preposterously inflated? The answer is, of course, ABSOLUTELY NOTHING. Gold is merely one of 27 commodities in the world and all commodities have been plunging for the past 4+ years and are down around 50% on average.
There is NOTHING special about gold at all. It is just a fungible commodity. Period.
Did you know that gold is headed to another 60% plunge as it heads to its mean of $456 per ounce which is a drop of $676 per ounce plunge over where it is now? And did you know that silver is headed for another 46% plunge to get to its mean of $8 per ounce which is another $6.84 per ounce plunge?
ExPat
As long as there are people who read Schiffgold and Silverdoctors articles and believe that the gold market is uniquely manipulated, then we have not yet seen the bottom of the slide in gold prices. I liked the summary of gold miner production and market capitalization that this article presented, even though the article was rather poorly written.
BestBlessing
Wow !! Yes, we are stuck in SCAM-erica the corruption has become global to the point that even the media we trusted to bring us honest reporting have failed us. Keep your physical PM safe out of the system – because the corruption is going to becoming Biblical in proportion. You will need every ounce of PM, of lead, and stored food.
SoCalBeachDude
Gold is rapidly moving towards and to its mean of $456 per ounce and many of the mining stocks will move towards total shareholder wipeouts.
SoCalBeachDude
COMEX is owned by the CME Group and strictly enforced all of the rules and regulations it clearly states and I would suggest you learn what they are and attempt to comprehend them, dude. Both Jeffrey Christian and I are thoroughly disgusted at the absurdly false assertions made by clueless dolts against COMEX who clearly don’t understand the slightest thing about COMEX.
COMEX only accounts for about 10% of annual gold market sales of gold. Your assertions regarding COMEX are so false and bogus as to not even deserve any further comment.
The primary price of gold is set in the SPOT MARKETS which are concentrated in London and constitute GOLD FOR IMMEDIATE PHYSICAL DELIVERY.
SoCalBeachDude
GOLD PLUMMETS TO $1132 PER OUNCE
August gold GCQ5, -0.95% finished Friday at $1,131.90 an ounce on COMEX.
http://www.marketwatch.com/story/china-finally-says-how-much-gold-it-has-but-nobody-believes-it-2015-07-17?dist=afterbell
SoCalBeachDude
So Who is Still Long in Gold?
As gold capitulates and spirals lower, the gold promoters are running out of nonsense to justify it rising while the world is declining. What happens is two aspects. Those who have been long lose their shirt, pants, house, wife, kids, the car, and the dog. The buy-every-dip-average-in advice becomes toxic, just as it did during the Great Depression in stocks – hold now for new highs by year-end is always the prediction. So yes, the investors married to the trade typically lose everything and when the cycle changes, they likely will not buy again unless new highs come into play for they will say, “No thanks, been there done that.” Any rational person can analyze the sales-pitch about fiat and hyperinflation and see that they existed for 19 years as gold declined. Such fundamental analysis scenarios always crumble to dust and fall to the ground for they are never true to the history of events.
http://www.armstrongeconomics.com/archives/35035
SoCalBeachDude
At any price above $456 per ounce gold is preposterously overvalued and that speculative froth will rapidly be blown off the top.
THE ISSUE IS THE PROPER PRICE OF GOLD.
An array of reasonable historical metrics can be used to establish the proper price of gold, including:
1) Its historical mean which would put gold right around $456 per ounce
2) Its 16:1 historical ratio against silver which would put gold right around $240.00 per ounce based on silver being around $15.00 per ounce
3) Its inflation adjusted price today from its last stable historical price of $35 per ounce in 1971 which would put gold right around $386 per ounce.
4) Its current official US government price of $42.22 per ounce which is how the approximately 8200 metric tonnes of US government gold are valued:
http://www.fiscal.treasury.gov/fsreports/rpt/goldRpt/current_report.htm
SoCalBeachDude
Gold is in FREE FALL and has just plummeted down to $1096 from an opening of $1131 down $36.80 per ounce.
KITCO LIVE GOLD CHART
http://www.kitco.com/charts/livegold.html
SoCalBeachDude
Panic selling has set in with gold sending it down nearly $40 per once this morning in Asian trading. Must be Cramer’s buy recommendation!
http://www.kitco.com/charts/livegold.html
SoCalBeachDude
The US dollar is doing spectacularly well and has soared to above 98 on the DXY and will soon be back over 100 and then headed much higher.
SoCalBeachDude
GOLD PLUNGES OFF CLIFF THIS MORNING IN ASIA
Gold opened in Asia on a down note and went sideways for about an hours or so and then WENT INTO A MASSIVE NOSEDIVE and has now plunged $22.80 per ounce and is down to $1110.50 per ounce.
SoCalBeachDude
Gold has now bounced up a bit to $1106 and is now down only $26 per ounce this morning!
Wayne Waters
Socalbeachable has hit the Nail right in the Centre! We should all admit the $1800 gold price was just a Bleep in History. Things could get very scary down the road!
Jorge Daniel Taillant
Barrick Gold will have to DROP PASCUA LAMA … it already is stalled due to glacier destruction in CHILE and it is against the law in Argentina due to the new Glacier Protection Law … would make sense for them to walk away on this one!
Nick George
First off, the 16:1 silver gold ratio comes from a time that the government controlled the ratio. The last 40 years have seen the ratio closer to 60:1
Secondly 1971 saw gold at $35 an ounce. But it was controlled by the government also. The gold window was subsequently closed to stop the out pour of the metal. So I don’t know how you can use 1971 price controlled prices as a free market price to base any calculations on. Gold was not even legal to own in the US at that time.
The fact that govt still uses $42 an ounce to value its gold tells us something about the ridiculousness of using this price.
Between the mid 80’s to 1999 gold probably averaged closer to $350 an ounce ( just a guess). Seems like that was a more stable FREE market price than $35 to start calculations.
Just don’t buy into the assumptions given to come up with $456 an ounce. I’m not proposing that anyone dive into gold to get rich or that its going to the crazy numbers some so called experts predict but come on start with basic assumptions that make sense.
Jack
I am a commercial miner, and I have consistently produced at a real cash price of $200 an ounce. I am not the only one, I know of others who do the same. It is not majic. We do it by watching our costs, keeping our companies lean and efficient. We do not try to sell stocks in our companies, in fact most of us aviod investors like the plague. socialbeachdude obviously believes what he reads, or is told, and does not have any real world experience. Certainly not in mining, based on his shouting from the roof tops that “gold is plummeting, plunging, in free fall,” etc. If I were to guess, I would say he is being paid to spout misinformation. He is in fact part of the problem. He shouts that the price of gold is being manipulated, while telling us how strong the dollar is. Strong compared to what? When? Ishe blind or just stupid? We have all seen proof of the FOREX, and currencies in general being manipulated. Gold, silver, stocks, currencies etc. are manipulated by institutional and government buying and selling, they always have, and always will. I mine gold to hold. To create new wealth, real wealth. I occasionally sell gold to people who want to hold the metal as a hedge against fiat currencies, and to accumulate real wealth. Just like China, France, Russia,the U.S. and most countries around the world. You don’t see any of those countries selling their gold in a panic because they fear the BS morons like socialbeachdude spew. What a mindless dick. I wonder who’s agenda he is a part of. They must be paying him by the word, or he just likes to see his crap in print. Better yet, he is probably a commodity broker, who makes a commssion on the sell, and the buy. He probably writes under a different name when he wants to promote buying, and shouts,” Nows the time to BUY! Gold at bargain prices!” You have absolutely no credibility “dude”, try elsewhere.
SoCalBeachDude
Why gold is falling and won’t get up again
Gold has always been the favorite commodity of a fringe crowd that doesn’t trust governments, central banks, politicians and the financial system. This part of the gold market drives a lot of the buying and selling; it whips up a lot of frenzy. I don’t have any hard evidence, but I’d argue that gold’s value is inflated by people who aren’t investing in a commodity but in a belief system that may or may not include black helicopters and a U.S. invasion of Texas.
The sad part is that gold always has been a sucker’s bet. It’s supposed to protect against inflation. It doesn’t. It’s supposed to retain its value. It doesn’t. For those reasons, gold is supposed to be the ultimate currency. It’s not.
As fund manager and blogger Barry Ritholtz said of gold’s fundamentals: “It has none.”
http://www.marketwatch.com/story/why-gold-is-falling-and-wont-get-up-again-2015-07-20