Gold down on higher shares, poised to end 2014 flat

The news of Glencore and Rio’s discussions “has turned up the temperature on an already simmering M&A environment,” RBC Capital Markets analyst says.

Agnico, the second-largest gold miner by stock market value, agreed to acquire O3 last month for about C$204 million.

Gold stocks in COMEX-approved warehouses have jumped by one-third in the past six weeks.

Kazakhstan has produced about 65 tons of gold a year, according to the central bank.