Gold industry bust at $1 300/oz, says Randgold’s Bristow
By GCRU Gold News on Thursday, July 3 2014, 11:25 - Permalink
The gold mining industry was fundamentally broke at a gold price of $1 300/oz, Randgold Resources CEO Dr Mark Bristow said on Wednesday.
Speaking to journalists at a media lunch, Bristow said the industry was unable to make returns at that low level of gold price range.
The consequences would be a reduction in the supply of gold, which would ultimately push the gold price higher, as physical demand was definitely present.