Barrick Gold to Lay Off 30% of Corporate Employees

Jun 24, 2013 Rob Gillies, The Associated Press

TORONTO – The world’s largest gold mining company has announced plans to eliminate 100 jobs at its corporate headquarters in Toronto.

Barrick Gold Corp. said Monday the reduction represents 30 per cent of the head office. Barrick spokesman Andy Lloyd cited a challenging business environment. Falling gold prices, rising costs and as sagging stock price have plagued the company. Since late 2011, the gold price has fallen by $600 — over 30 per cent.   LINK...

***************************************

Supply and demand fundamentals are starting to show.   BK

Is There a Crisis in the Gold Market?

Here's a link to an interesting speech by Jamie Sokalsky, CEO Barrick Gold Corporation.
LINK...

World Gold Demand Up 6% In Third Quarter

Market Watch
By Francesca Freeman

LONDON (MarketWatch) -- World gold demand rose 6% in the third quarter, boosted by a 33% increase in investment demand as the deteriorating economic landscape in Europe heightened the appeal of the yellow metal as a hedge against insecurity, the World Gold Council said Thursday.

Third-quarter gold demand totaled 1,053.9 metric tons, up from 991.1 tons in the same period of 2010, the industry body said in its latest Gold Demand Trends report. In dollar terms, this equated to $57.7 billion, an all-time high in value terms.   LINK...