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Who needs real metal if paper will do?
And who needs gold miners if they can never figure out why the metal's price doesn't behave as it should?
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Fears Rise over Future Supply of Gold
By Henry Sanderson
Financial Times, London
Monday, December 5, 2016
"For the first time in history, gold supply into the future is under enormous pressure."
The warning from Mark Bristow, chief executive of London-listed Randgold, encapsulates the gold-mining sector's woes.
Bullion's only modest price recovery this year compared with other commodities has led the industry to cut spending on exploration dramatically to less than $4 billion from almost $10 billion in 2012.
... Dispatch continues below ...
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Petropavlovsk, a gold miner with assets in Russia, is a case in point. It has cut its exploration budget by two-thirds.
"There is a chronic shortage of exploration money and as usual the gold price is not acting in the way everyone thought it would do," says Peter Hambro, chairman of the company.
This backdrop has left many in the industry forecasting a supply shortage by the end of the decade.
Mr. Bristow believes this supply shortage will be inevitable unless some major discoveries of large, high-grade ore bodies are suddenly made, "Which frankly seems a remote possibility." ...
... For the remainder of the report:
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