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Citi: Cost Cuts Help Gold Names Now, But Trouble Looms

Posted on 14 August 2014

Citigroup’s Johann Steyn and Craig Irwin have a note out today, adjusting their gold outlook to reflect industry trends, but they remain bearish on the sector overall. They note that global gold on mine unit costs fell 5% year-over year, while notional cash expenditure fell 24% and all-in costs dropped 23% in the March 2014 quarter.
Clearly, austerity moves have helped gold firms navigate through a lower price environment, and Steyn and Irwin estimate that only 40% of the global gold cost curve is burning through cash, nearly half the 75% in the March 2013 quarter………………………………………..Full Article: Source


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