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Miners may take more hits from weak gold prices after Newcrest

Posted on 11 June 2013

The pain is not likely to be over for investors in mining shares after the steepest drop in gold prices in a generation led to a $6 billion asset writedown at Australia’s Newcrest Mining, fuelling speculation of more to come.
A $200 plunge in prices in two days in April heightened fears that gold’s 12-year rally may have topped out. For nearly a month the price has languished around 1,400 an ounce, which could force more miners to write down the value of their reserves - calculated based on a higher price - and eroding the value of projects, some of which may no longer be profitable………………………………………..Full Article: Source


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