Fix the Slump. Investors Feel Restless....
Do you feel like you are the only one who has lost more than a proverbial shirt here?
Warrants have tanked. The Golden shares just recovered a "small" percentage of their annual loss recently. (Yeah,,, but don't get too excited folks!) This increase could be just another ruse, scam or deception. Time will tell.
Senior management around the globe better shape up controlling their companies expenses or they'll be shipped out. (See below)
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Gold CEOs Told to Fix Slump as Investors Prove Restless
Gold-mine investors are losing patience with management in the $60 billion industry as their shares head for the first back-to-back annual slump since 1998, even as the metal completes a dozen years of gains.
Producers from Canada’s Barrick Gold Corp. (ABX), the world’s biggest, to Newmont Mining Corp. (NEM) of the U.S. are failing to control expenses. The average cost to extract an ounce of gold by the largest miners jumped 23 percent to $584.70 in 2011, data compiled by Bloomberg show. In contrast, silver production costs fell 12 percent to the lowest since 2007, the data show.
Dec. 11 (Bloomberg) -- Kenneth Hoffman, senior analyst for metals and mining at Bloomberg Industries, discusses private-equity interest in mining companies and gold prices. He talks with Guy Johnson on Bloomberg Television's "The Pulse." (Source: Bloomberg)
“Investors are very critical, voting with their feet and pushing management teams to resign,” said John Wong, a portfolio manager at CQS Group’s New City Investment Managers, who increased his silver holdings. “You can tell from the way investors sold Barrick down that they are on short fuses.”
Barrick replaced Chief Executive Officer Aaron Regent with Chief Financial Officer Jamie Sokalsky on June 6, saying it was“disappointed” in the share performance after costs rose and production dropped. Since then the stock lost another 19 percent as the company missed earnings for four straight quarters amid delays and cost overruns at its Pascua-Lama project on the mountainous Argentina-Chile border.
At least five more gold CEOs lost their jobs this year.
http://www.bloomberg.com/news/2012-12-12/gold-ceos-told-to-fix-slump-as-investors-prove-restless.html
