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pencilvanian
1000+ Penny Miser Member
USA
2209 Posts |
 Posted - 08/31/2008 : 20:56:06
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Aussie gold output slumps
Gold production in Australia, the world's third-largest producer, slumped 13% in the June quarter as rising production costs constrained output from mines, Surbiton Associates Pty said.
......Surging prices of raw materials, fuel and labor are raising costs for Australian mining companies, curbing expansion plans and curtailing new production.
......Still, Australian mine output rebounded from a 19-year low in the March quarter of 53 tons.
...''Sentiment on the US dollar has turned very quickly and in the current climate of financial stress we question whether it could again reverse equally rapidly,'' Goldman Sachs JBWere analysts said in a report on August 15. ''We think it is too early to take a negative view on gold, but we are moving to what we consider to be a neutral view.''
Bloomberg News
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Gold price up but supply down
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