By Thomas Biesheuvel
Bloomberg News
Friday, November 21, 2014
LONDON -- The gold industry is a "busted flush," said Mark Bristow, surveying the ruin wrought by a 38 percent slump in the bullion price from a 2011 peak. For the Randgold Resources Ltd. chief executive officer, that's an opportunity.
"This is an exciting time," Bristow said in an interview at his London office near the Savoy Hotel. "The industry blows its brains out every time. The reason we're still in the industry is because the competition isn't that sharp."
The world's biggest gold miners racked up $30 billion of debt during a 12-year-bull run for the precious metal that spurred acquisitions and new mines. That has become a millstone as costs escalate and gold tumbled from a record $1,921.17 an ounce in September 2011 to $1,189.62 in London today.
Randgold, the best performing gold miner in the past decade, is debt free and profitable at current gold prices, said Bristow, who has a war chest of $500 million to $700 million to acquire assets from floundering rivals. ...
... For the remainder of the report:
http://www.bloomberg.com/news/2014-11-21/top-performing-gold-miner-prepa... [1]
Direct Ownership and Storage of Precious Metals
Outside the Banking System in Zurich and Singapore
Goldbroker.com is a precious metals investment company that enables investors to own and store gold directly in their own name (no mutualized ownership) in Zurich and Singapore.
Goldbroker's clients are not exposed to any counterparty risks. They own gold and silver in their own names (the ownership certificate cites the name of the investor and serial number of his bars) and they have storage accounts opened in their own name as well. So Goldbroker.com's storage partner knows the exact identity of each investor. Goldbroker.com doesn't store in the name of its clients; rather, Goldbroker's clients store personally. All investors have direct access to their gold and silver bars.
Goldbroker.com was launched in 2011 so that investors would avoid any counterparty risk when investing in physical gold and silver.
Goldbroker.com is listed among GATA's recommended monetary metals dealers. (http://www.gata.org/node/173 [2])
To invest or learn more, please visit:
https://www.goldbroker.com/ [3]
Join GATA here:
Mines and Money London
Business Design Centre
London, England, U.K.
Monday-Friday, December 1-5, 2014
http://www.minesandmoney.com/london/ [4]
Vancouver Resource Investment Conference
Vancouver Convention Centre West
1055 Canada Place, Vancouver, British Columbia, Cananda
Sunday-Monday, January 18-19,2015
http://cambridgehouse.com/event/33/vancouver-resource-investment-confere... [5]
* * *
Support GATA by purchasing recordings of the proceedings of the 2014 New Orleans Investment Conference:
https://jeffersoncompanies.com/landing/2014-av-powell [6]
Or by purchasing DVDs of GATA's London conference in August 2011 or GATA's Dawson City conference in August 2006:
http://www.goldrush21.com/order.html [7]
Or by purchasing a colorful GATA T-shirt:
Or a colorful poster of GATA's full-page ad in The Wall Street Journal on January 31, 2009:
http://gata.org/node/wallstreetjournal [9]
Help keep GATA going
GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:
http://www.gata.org [10]
To contribute to GATA, please visit: