Vladimír Urbánek (Kurzy.cz)
Markets  |  April 18, 2013 10:15:54

Gold: 1200 is the limit of the average production costs, miners erase 169 billion market capitalization, many will face existential problems


World gold producer in connection with the ongoing slump in the prices came during the last two years, an estimated total of about 169 mld.USD market value. Market instruments linked to gold is trading at the lowest level relative to the underlying asset for the last 20 years. Main index FTSE Gold gold producer, which monitors 27 major world producers from the top of the gold rush in September 2011, he had lost 58%. For comparison, the MSCI All Country World Index over the same period grew by 22%. Performance miners in the last 20 years, always significantly lagged behind the development of the actual price of gold on the market. The main reason is that these companies are making for their shareholders about the same as before 10 and more years ago, when gold was worth around 300 USD per troy ounce.

According to analysts, the Japanese Nomura, the current market price is slowly approaching the level of the average production cost, which is around the level of 1 200 USD per troy ounce. Another approach to this market price threshold increases the risk of financial problems of individual mining companies or the closing down of individual or entire companies. According to Tyler Brody of Japanese banks below zsikovosti now moves about 15% of the producers of gold. Broda estimates that the price of gold at the end of this year will drop to 1 000 USD per troy ounce.
Real risk of closing down there, especially in Africa, where all the negative effects of adding still growing geopolitical risks.

According to estimates of the cost of production in the case of Barrick Gold reaches approximately 972 USD, Newmont produces gold for around 1 192 USD, Narmony Gold Mining for 1 446 USD.
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Zlato: 1 200 je hranice průměrných produkčních nákladů, těžaři umazali 169 mld. USD tržní kapitalizace, mnozí budou čelit existenčním problémům

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