As the gold mining industry recovers from the worst slump in prices in 30 years , the need for more mergers is becoming evident
THE GOLD MINING industry is in dire need of assistance . The sector , which is recovering from one of the worst price dips in the last 30 years , is not exactly in the best of health .
According to Joe Wickwire of Fidelity Investments , almost 33 percent of all gold production is a money-losing venture if the precious metal price is lower than $ 1,250 oz .
Right now , the trading price for gold is around $ 1,230 oz .
“ It ’ s part of the life cycle of industries that every so often you need to have a cleansing of that which is not working ,” Wickwire said .
A cleansing of the market might not be such a bad thing .
Since last year , the gold market has declined by 28 percent , prompting many gold producers to cut budgets , sell assets and adjust mine plans , which has totaled more
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