Small Gold Miners Attacked By Bear Pricing Shutting Down

The Financial Post reports in its Thursday edition that gold and silver miners are beginning to shut down money-losing mines. The Post’s Peter Koven writes that if prices do not recover soon, many more are poised to close in the months ahead, in Canada and elsewhere. Gold Cost Pressure A vast portion of the gold industry is struggling to make any money at the current price of US$1,230 an ounce, according to analysts. While precious metal prices are plunging, costs are not falling nearly as fast. San, Claude and Wesdome reported cash costs well above US$1,000 an ounce in the…