Global Gold Companies Destroyed $60 Billion In Value Since 2000

Gold prices soared during the recession, and have started to fall as investors get ready for the beginning of tapering, but both trends have happened almost independently of how gold companies are run. Global gold companies have cumulative impairments of more than $60 billion over the last 13 years, report Citi analysts Johann Steyn and Craig Irwin, and now that macro factors are turning against them more than a decade of weak fundamentals are going to finally make an impact.

The top 10 global gold companies have cumulatively impaired

“We estimate that the top 10 global gold companies have cumulatively impaired ~ $61 billion in operating fixed assets...