Commodities & Metals
Gold Production Expected to Fall (AU, GLD, GDX)
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AngloGold Ashanti Ltd. (NYSE:AU) has indicated that first quarter 2009 production will reach just 1.1 million ounces of gold, 2.5% lower than previous guidance. The company has maintained its previous guidance for production for the full year at 4.9-5.0 million ounces at a cash cost of $435-$450/ounce.
AngloGold shares are down nearly 10% this morning, leading all the miners downward. SPDR Gold Shares (NYSE:GLD) is off about 2.5% and Market Vectors Gold Miners ETF is down around 4%. Equity prices are rising, so gold prices fall.
And investors are looking for good news out of the G-20 meeting, which is also depressing the price of gold. If it weren’t for the weak dollar, gold prices would probably be off even more.
Paul Ausick
April 2, 2009
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