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Gold bars are pictured at the Ginza Tanaka store in Tokyo in this file photo.
Gold bars are pictured at the Ginza Tanaka store in Tokyo in this file photo.
(Issei Kato/Reuters)

Ouch – every gold producer Citi covers is burning cash

Want to buy a gold mine? Because there are going to be plenty for sale.

However, the big gold companies that are generally buyers of distressed assets are going to struggle. Citigroup is now estimating that every gold company the firm’s analysts cover is burning cash with spot gold trading below $1,300 an ounce (U.S.)