China Gold Miners Drop Shovels as Slump Bites: Chart of the Day
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Even as gold has been mired in a bear market, Chinese miners ramped up production. Now, they are poised to change course as the price slump begins to bite.
The CHART OF THE DAY shows the spot price of gold last month touched a four-year low of $1,132.16 an ounce. For the year through Dec. 22, it’s down 2.1 percent on top of a 28 percent plunge in 2013, the biggest drop in three decades. Meanwhile, China’s mine output rose 15 percent in the first 10 months of this year, outpacing a 3.4 percent gain in the global total, according to World Bureau of Metal Statistics data.