Gold exploration budget topped 6 Billion 2012

Gold exploration budgets increased drastically since 1999, reaching an all-time high of more than $6 billion in 2012, but the total amount of precious metal found in major discoveries fell short of replacing global production, shows a report by SNL Metals Economics Group.

While it is too early to judge the success of recent exploration, says the report, data for 1990-2012 reveals that miners' annual discovery-oriented gold exploration budget more than doubled between 1990 and 1997 from $930 million to about $2.2 billion.

According to the document, exploration budgets fell in 1998 along with gold prices to recover by 2003, jumping an average of 31% annually until last year. Read More at Source

Miners Holding - Markets Down Post Labour Day

TORONTO-NEW YORK - The Toronto Stock Exchange pared early triple-digit losses but still closed lower Tuesday as North American traders returned from the Labour Day holiday focused on persistent concerns about a global slowdown.


The S&P/TSX composite index finished the day down 83.87 points at 12,518.54 after falling more than 200 points earlier in the session.

The TSX Venture Exchange fell 20.54 points to 1,789.82.
Wall Street markets also lost ground with the Dow Jones industrial average down 100.96 points at 11,139.3. The Dow had been down more than 300 points in morning trading but regained much of the lost ground after European markets closed.

The Nasdaq index fell 6.5 points to 2,473.83 and the S&P 500 was down 8.73 points at 1,165.24. 

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