Despite the collapse in broad commodity prices, numerous specialty metal prices have held or even gone up in the last few years: companies with the potential to produce these metals couldn't attract capital, and the tightness today is now likely to become shortages tomorrow, says Richard Karn, managing editor of The Emerging Trends Report.
Starved of cash, nearly 150 mining companies listed on the Australian Stock Exchange went into bankruptcy during the fiscal year that ended June 30. In this interview with The Gold Report, Karn shares a handful of names with the wherewithal to survive the onslaught.
Last week's losses of 3.6% in gold were extended Monday morning, with silver also falling again as world stock markets rose yet again. Priced in dollars, gold dropped below $1,230 per ounce for the first time since the first week of July.
Wholesale quotes for gold bounced from one-week lows beneath $1,270 per ounce Tuesday morning in London, turning higher as Asian and European stock markets failed to extend Monday's rise to new all-time highs in U.S. equities.
Dropping as low as $1,264 per ounce on Friday on suddenly heavy volume in U.S. gold futures, gold today "[saw] some quite good physical demand," Bloomberg quotes Bernard Sin at Swiss refining group MKS, refering to wholesaler buying in Asia.