The world's major gold producers expect lower worldwide gold production, with lower price assumptions leading to un-mined higher-cost ounces

The world's major gold producers expect lower worldwide gold production, with lower price assumptions leading to un-mined higher-cost ounces. Bloomberg reports that global gold output is poised to decline as producers have cut spending and revise mining plans. The biggest gold producers say global output will fall short of expectations and is poised to decline. Barrick Gold, Goldcorp and Newmont say the industry has changed, with miners forced to take at least $30 billion of write-downs. Barrick has revised operating plans for its mines, using a new, lower assumed gold price of $1,100 an ounce, meaning higher-cost ounces will now stay in the ground.