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Moody’s drops gold price assumption to $1,100 an ounce

Posted on 09 January 2014

A major ratings agency says the credit worthiness of several Canadian miners is under threat as it lowers its forecast of where it expects gold prices to be for the next several years to $1,110 US an ounce. Moody’s has reduced its assumption for the average price of gold and silver in 2014 and beyond to $1,100/oz and $18/oz, respectively. Both figures are about 10 per cent below previous expectations.
After peaking at over $1800 an ounce in 2012, gold prices have steadily declined, with the spot price dropping by 30 per cent last year alone. Gold miners spent heavily seeking out new production when prices were high, and are now saddled with high costs for those projects even as their revenue declines because of the lower price………………………………………..Full Article: Source


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