Gold Still Burning Cash: Miners Between A Rock And A Hard Place
Citi analysts Jon H Bergtheil, Johann Steyn, Heath R Jansen, Jatinder Goel, Michael E Flitton, Craig Irwin and Alexander Hacking provide a well-reasoned analysis of the gold market and their basis for downgrading Randgold Resources Ltd. (ADR) (NASDAQ:GOLD) (LON:RRS), Fresnillo Plc (LON:FRES) (OTCMKTS:FNLPF) and Polyus Gold International Ltd (LON:POLG).
Bearish on gold
Citi’s view is that gold topped out in 2011 and is yet to climb out of its bearish depths.
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