Mark Bristow, CEO of Randgold Resources, says there will be a reduction in gold production as the industry "struggles" with the gold price.
European markets closed slightly higher in a shortened session, completing their most successful year of this decade.
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Gold is on track for its biggest weekly gain in five weeks on Friday as many analysts now believe the good times might be back for the precious metal. But rather than buying gold outright, one mining analyst recommends investors buy small mining companies that he calls "recovery plays".
European shares pared gains but closed higher on Thursday, a day after the Federal Reserve surprised markets by opting to maintain its $85 billion-per-month asset purchases.
European shares closed higher on Friday, despite investors' caution ahead of the Federal Reserve's meeting next week.
European shares closed higher on Friday, boosted by mining stocks which received a lift from broadly positive Chinese data, as well as a strong performance from European bank stocks.
Gold mining stocks have lost their luster as commodity prices fall. But investors may be missing improving fundamentals, say fund managers.
European shares saw a heavy sell-off on Thursday on fears of a possible unwinding of monetary easing in the U.S. and weak economic figures from China.
European shares pared gains, but closed higher on Thursday, after a round of soft U.S. data.
Take a look at some of Friday's midday movers:
U.S. stock index futures climbed Thursday as Wall Street cheered a better-than-expected jobless claims report and after the European Central Bank cut its key interest rate.
European shares closed lower on Monday, after news of an unexpected slowdown in China sparked a commodities sell-off.
Gold prices continued to plummet Monday on Cyprus selling concerns, Dennis Gartman, editor of The Gartman Letter, told CNBC.
The super cycle in commodities has come to an end, according to researchers at Citi, who downgraded several mining stocks on Monday as metals prices have continued to decline.
Hedge fund billionaire John Paulson lost more money in February when his gold fund suffered double-digit losses.
Nomura and Societe Generale are the latest banks to warn about gold, as several banks in recent days have cut their price forecasts and warnings about a correction for bullion have risen.
Fed Chairman Ben Bernanke's comments could get stocks rallying again, Rosecliff Capital's Mike Murphy says.
European shares suffered steep falls on Monday as mounting political uncertainty in the peripheral euro zone prompted investors to lock in profits on indexes trading close to multi-year highs.