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Gold still strong

Gold still strong

BY BARRY FITZGERALD

Commodity price weakness brought on by the US–China trade war and general concerns about global economic growth has been a key theme for the Australian mining industry in the past 12 months. But not for the gold sector.

The gold sector has just posted a record year of production on the back of record Australian gold prices, which, ironically enough, was a result of the very same factors dogging the broader industry.

It was at the Diggers & Dealers Gala Dinner in early August when the host for the night – who obviously knew his audience – broke into the schedule to announce the local gold price had cracked A$2200 per ounce for the first time.

A cheer worthy of an AFL Grand Final went up beneath the giant marquee, filled by 1200 mining types – most of whom had a connection to the gold industry of one type or another.

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