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A record quarterly drop of 23% in gold prices in Q2 to $1,223.80 has
exposed miners' massive debts
, which have increased to a high of $21B at 55 top gold and silver producers from under $2B in the past 10 years. Gold has now become cheaper to buy than to extract for many firms. If prices stay below $1,300 for over two quarters, S&P reckons downgrades could be on the cards. Barrick Gold (
) is particularly exposed with debts of $14.8B.
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I find it interesting this report comes out after NUGT gains 22% on Friday. Sounds like market manipulation. Someone wants to see a drop in NUGT so they can buy at a good price.
Jun 30, 2013. 03:00 PM
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