AngloGold Ashanti reported record quarterly profits on Thursday of $342 million, up a whopping 68%, boosted by the precious metal's longest winning streak in almost a century. The world’s third-largest gold miner cut production guidance by over 4% and said it expected its cash costs to rise as much as $80/oz however.
The Johannesburg-based company's CEO said the gold market is entering "a perfect storm" and that gold could “easily” break through $1,700 an ounce. December gold reversed its record setting pace by midday on Thursday to trade at $1,661.70 after touching $1,684.90 in early trade.