Barrick Gold Closing Mines to Curb Output as Price Drops

The media will use this as propaganda to declare gold is dead in the water.  They are counting on a dumbed-down public.  Think about it:  if the world's largest supplier of gold is shutting down almost half of its production (due to low prices), what happens to global supply?  And what happens to the price of a commodity shrinking in supply?

The tone of this "investigative journalism" is even more insidious.  The recent paper price declines in gold and silver have caused opportunistic buying in Asia, and been accompanied by severe shortages of physical bullion.  Again, what are the implications for prices going forward?  We already have a shortage of physical inventory, and supply/demand market dynamics indicate even more intense shortages in the future.

Readers should apply some common sense, instead of passively reading the manipulated headlines.  In fact, the overall objective isn't to time exact price entry points.  The primary goal is to accumulate ounces.

http://www.bloomberg.com/news/2013-08-02/barrick-gold-closing-mines-to-curb-output-as-price-drops.html