Submission.docx - As a Alternative Investments(GOLD...

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As a Alternative Investments (GOLD) portfolio manager Among the negative factors, the impact of the pandemic itself plus related disruptions—COVID-19 restrictions imposed by governments, supply shortages, and a lack of transportation—have hiked costs at certain operations and reduced gold-mine supply. These problems are having a significant impact: overall, as much as eight million ounces (7 percent of global mine supply) of annualized gold production are at risk from COVID-19-related disruptions. As a result, unit costs could increase by some 1 to 3 percent. Over the short term, the mining companies that most avoid or contain the spread of the virus throughout their operations while maintaining production levels will emerge with a stronger cash position as they take advantage of high price levels and strong margins. In the longer term, the strong price of gold provides a window for mergers and acquisitions to consolidate the industry,

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