"Gold discovery rates are decreasing even as exploration spending in the industry reached a record $8 billion last year, according to Jamie Sokalsky, chief executive officer of Barrick Gold Corp., the world’s largest producer.
There were three discoveries last year, compared with 11 in 1991, and none of those can be described as “supergiant,” or holding more than 20 million ounces, Sokalsky said at a conference in Hong Kong. Breakeven costs were rising, he said today, predicting gold’s bull market shows no signs of ending."
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