Markets: Grading the gold miners

Despite a lift in the gold price on the back of a spike in Chinese demand, Invictus says miners will have to achieve high grades to stay in the game.

A rebound in the gold price from current levels is building amid increased demand for the physical bullion by China as evidenced by the increase in gold lease rates, says Michael Jones, managing director of gold explorer Invictus Gold.

This year China has imported more than 1400 tonnes of gold or two thirds of the world’s annual production, according to Jones. Physical gold supply as a result is tight, he says, building pressure on the gold price to rise.

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