Daily Spot Price Update 2/8/2017

Metal Open Close Change
Gold $1234.71 $1243.28 + $8.57
Silver $17.78 $17.85 + $0.07
Platinum $1013.35 $1022.35 + $9.00
Palladium $766.58 $776.43 + $9.85

Summary

All metals saw an increase on 2/8, with palladium rising the most.

A Changing Industry

Many gold mining executives are hunting for mergers and acquisitions as the industry continues to grow. During the recession, the gold industry went into survival mode and mining companies focused on cutting costs (as opposed to exploration and investment in existing operations). Now that prices have recovered, mining companies are facing the need to reevaluate business plans. However, the industry now faces reduced mine life and smaller discoveries because the amount of the world’s viable gold is declining. In fact, some major reserves have fallen about 40 percent since 2011. This is why companies are turning towards exploration and M&A.

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