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Commodities Briefing - Categorized | Bullion/Gold, Market Moves, Metals and Minerals, Price Watch, Research more

Miners’ credit ratings at risk as Moody’s cuts gold price forecast

Posted on 09 January 2014

Moody’s Investors Service will use a lower gold price on which to base its ratings of producers of the precious metal. Delivering another blow to the struggling gold industry, the credit rating agency said it will now use $1,100 (U.S.) an ounce instead of $1,200 to reflect the significant deterioration in gold prices.
Last year’s 30-per-cent drop in bullion to around $1,200 an ounce triggered gold producers to overhaul operations, write down assets, cut jobs, and suspend dividends and projects. The move puts the credit ratings of Canada’s largest gold producers in jeopardy………………………………………..Full Article: Source


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