From Bloomberg
''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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