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Platinum at 10-month high on supply worries; gold eases

Posted on 02 July 2014 by VRS  |  Email |Print

Platinum rose to a 10-month high above $1,500 an ounce on Tuesday, boosted by new positioning by funds at the start of the quarter and long-term supply worries despite the end of South Africa’s mining strike.
Gold reversed gains as investors took profits after strong exchange-traded fund buying sent prices to a near two-month peak earlier, a day after data showed US gold coin sales rose to a five-month high in June on heightened geopolitical tensions………………………………………..Full Article: Source

Platinum, Palladium: The Other Precious Metals

Posted on 02 July 2014 by VRS  |  Email |Print

Gold isn’t the only precious metal that glitters today. Platinum prices broke through the $1,500 an-ounce mark today and palladium futures gained as better than expected U.S. car sales and a strike in South Africa attracted buyers.
October platinum jumped $26.70 or 1.9% to $1,509.6, while September palladium climbed $9.45 to $852.60. The related ETFs also gained, with the ETFS Physical Platinum Shares (PPLT) up 1.25% and the ETFS Physical Palladium Shares (PALL) up 1.03%………………………………………..Full Article: Source

Precious Metals Rising, Switzerland’s Vaults Keep Platinum Prices High

Posted on 02 July 2014 by VRS  |  Email |Print

This week we learned that a major reason for platinum’s price stability during the five-month-long South African mining strike was stockpiles of the metal held in Swiss vaults. The AMCU strike finally ended this week and miners went back to work for Lonmin, Impala and Anglo-American Platinum. Silver was the big winner on the LME, though, doubling the gains of its precious metal cousin, gold.
The week’s biggest mover on the weekly Global Precious Metals MMI® was the price of Japanese silver, which saw a 3.5 percent increase to JPY 680.00 ($6.70) per 10 grams. This week marked the third in a row of rising prices for the metal………………………………………..Full Article: Source

Gold price hits 3-month high on softer dollar, Iraq violence

Posted on 01 July 2014 by VRS  |  Email |Print

Gold climbed to a three-month high on Tuesday as a softer dollar and escalating violence in Iraq increased the metal`s appeal, boosting inflows into the top bullion-backed fund.
Spot gold climbed to USD 1,332.10 an ounce, its highest since March 24, and was flat at USD 1,327.41 by 0240 GMT. It gained nearly 1 percent in the previous session. The metal posted its second straight quarterly gain for the quarter that ended on Monday, and June was also its best month since February………………………………………..Full Article: Source

Are the Gold Majors a Buy Again?

Posted on 01 July 2014 by VRS  |  Email |Print

Barrick Gold hit $55 per share and is now at $18, a decline of 67%! Likewise, Newmont’s high is $70, and it now trades hands near $25, down 64%. Goldcorp is “only” down 50% and Freeport-McMoRan is down about 40%. Freeport is also a very large copper producer, so that has helped it outperform those other pure-play gold majors.
With many of the majors’ stock prices down by a half to two-thirds, the first question to ask is how much did the underlying gold price decline? From about $1,900/oz. to today’s roughly $1,300/oz., gold is down about 30% from its 2011 peak. Yet, Barrick and Newmont, off by more than 60% each, are down twice as much as the gold price. How could that be?……………………………………….Full Article: Source

US Gold has possibility of slow return to $1370/85 per ounce: Barclays

Posted on 01 July 2014 by VRS  |  Email |Print

Gold remains elevated above $1300 per ounce and provides a selling opportunity as prices are unlikely to sustain over a longer time frame. Barclays noted that gold prices still have the possibility of a slow return to $1370/85 per ounce levels. Price forecasts: Q2 2014:$1250/oz, 2014: $1250/oz.
Macro environment remains bearish despite recent gains on geo-political tensions whether it be Russia-Ukraine or Iraq. Barclays expects a rise in US payrolls this week by 250,000 which is higher than 217,000 of May………………………………………..Full Article: Source

So, even gold prices are rigged

Posted on 27 June 2014 by VRS  |  Email |Print

Whether it’s Libor or gold, the story is the same, with Barclays once again at the centre of controversy. On June 28, 2012, the day after Barclays was fined £290 million by Britain’s market regulator for manipulating the benchmark lending rate, Libor, a Barclays customer raised concerns with the bank about the afternoon gold fix. This was set during one of the twice daily telephone gold auctions held by five London-based investment banks — Barclays included, which also acts as a benchmark for gold prices.
The ‘fix’ was declared at $1,558.50, and under an options contract the bank had entered into with the customer, the bank would not have to pay that customer the $3.9 million it would have owed him had the fix been above $1,588.96, boosting its own trading book by $1.75 million………………………………………..Full Article: Source

5 Reasons to Buy Gold and Gold Miners Now

Posted on 27 June 2014 by VRS  |  Email |Print

Gold prices have had a nasty few years, as have major gold miners and mining stocks. Gold bullion prices are down significantly from highs around $1,900 an ounce… and even worse, gold investments including Newmont (NEM), Barrick Gold (ABX) and GoldCorp (GG) are all down over 50% in the last three years.
But there are signals that the worst may now be over, and it may be a good sign to start buying gold once more. Since January, gold has crept up steadily; the SPDR Gold Trust (GLD), which tracks physical gold prices, is sitting on a roughly 10% gain – nearly double the return of the S&P 500 in the same period………………………………………..Full Article: Source

Buy gold if it dips to $1,298-1,302/ounce

Posted on 27 June 2014 by VRS  |  Email |Print

Comex gold futures were lower on Thursday, retreating from this week’s two-month high as a firmer tone in equities suggested investors could be switching back into risky assets, abandoning haven gold.
It has struggled to maintain gains, however, as higher prices curbed physical demand and investors stuck to the side lines, awaiting a clearer picture for the US monetary policy. China’s gold imports from Hong Kong dropped in May to the lowest level since January last year as a weaker yuan curbed appetite for the precious metal………………………………………..Full Article: Source

Best Ways To Trade Gold And Silver

Posted on 27 June 2014 by VRS  |  Email |Print

The Reuters/Jefferies CRB Index, which tracks a diverse group of commodities, has been in an uptrend since the start of the year, lead largely by the strong performance in the energy sector. Gold and silver are now following suit, with a sharp rally higher starting in July. Here are four stock and ETF plays you can use to take part.
Relative to the January 2014 low at $114.46, the recent June low was much higher at $119.42 in the SPDR Gold Trust Shares ETF (GLD), indicating accumulation. The subsequent rally through resistance in the $126 to $127 region signals a broader upside move could be underway………………………………………..Full Article: Source

Silver Short Squeeze Presents New Opportunity

Posted on 27 June 2014 by VRS  |  Email |Print

A short squeeze in the silver market is pushing prices profoundly higher, the consequence of which could be felt for years. All told, the month of June has witnessed silver rise by over 12%. But the truly aggressive price action began exactly a week ago – with a single-day move from $19.81 to nearly $21.
Short squeezes occur when short sellers close their positions with a heightened sense of purpose and haste. Such behavior can cause prices to move sharply higher. That is, since closing a short position requires one to buy shares………………………………………..Full Article: Source

Silver: The golden investment?

Posted on 27 June 2014 by VRS  |  Email |Print

Silver has not been on the top of fund managers lists when investing in precious metals. But this unloved metal could be the one to watch out for. The volatile nature of silver could make investing in the companies that extract it remarkably profitable.
One fund manager who has bucked the trend to slant his portfolio towards silver is Ian Williams, CEO at Charteris Treasury Portfolio Managers. The WAY Charteris Gold & Precious Metals fund is the only portfolio in the UK which has the majority of its investments in silver. Around 70 per cent of the portfolio is weighted towards silver, while 30 per cent is in gold………………………………………..Full Article: Source

China, Singapore vie for Asia gold pricing alternative to London

Posted on 26 June 2014 by VRS  |  Email |Print

China and Singapore are vying to provide feasible gold price benchmarks in Asia, as calls grow in the top consuming region for more localized pricing of the precious metal at a time when the global benchmark is under regulatory scrutiny.
Singapore said at an industry conference on Wednesday it would launch a physical gold contract on an exchange to create a transparent form of pricing. China, at the same conference, said it wanted to have a bigger influence on the global gold market and would like to have its own price ‘fix’………………………………………..Full Article: Source

Is this the start of a new bull market for gold?

Posted on 26 June 2014 by VRS  |  Email |Print

I’m afraid ten years of gold investing has given me a bit of a personality disorder. On the one hand I’m a gold bug loon – one of those nutcases you hide from at parties when they collar you and say: “buy gold, buy gold, our monetary system is doomed!”, and then harangue you with a load of statistics about US national debt.
But on the other, I’m a total cynic. Every time gold rallies, I just don’t believe it. False golden dawn after false golden dawn has turned me into a total non-believer. But you’d have to be living a rather secluded existence not to have heard that gold has had quite a run this month………………………………………..Full Article: Source

HSBC cuts avg Silver price forecast for 2014 from $20.80 to $19.50/Oz

Posted on 26 June 2014 by VRS  |  Email |Print

British bank HSBC has cut its average silver price forecast for 2014 from $20.80 an ounce to $19.50 an ounce, saying a rise in supply will cap rallies. HSBC forecasts silver prices to trade in a $17 to $22 range this year.
In addition to lowering its 2014 average price forecast to $19.50, it also reduced its 2015 price forecast to $19.25 from $20.25, but left its 2016 forecast at $21.50 and its longer-term forecasts unchanged at $25………………………………………..Full Article: Source

A New Way to Buy Gold

Posted on 26 June 2014 by VRS  |  Email |Print

Despite some truly frightening conflicts in the Middle East and Ukraine, despite signs of inflation in the United States, and despite promises to “print” from both the Japanese and European central banks, the price of gold has barely managed to climb above $1,300 an ounce.
In fact, gold was the worst-performing asset class in 2013 — down 24.8 percent. Yet gold is still the best-performing asset of this century!……………………………………….Full Article: Source

Rising solar demand to drive silver’s revival

Posted on 26 June 2014 by VRS  |  Email |Print

According to research released Tuesday by UBS, the silver demand for solar sector has started showing early signs of recovery. The trend is likely to continue in the future. The rising demand from the solar sector will drive silver’s growth over the next five years, noted Edel Tully, a strategist for the leading Swiss financial services company.
UBS forecasts the global solar demand to double over the next five year period. The solar demand is expected to grow by 22% during this year to 45 GW of new installed solar capacity. The solar demand is expected to grow to 84 GW of new installed capacity by 2018………………………………………..Full Article: Source

Singapore to launch gold contract as Asia eyes price alternatives

Posted on 25 June 2014 by VRS  |  Email |Print

Singapore is set to announce the launch of a gold futures contract on Wednesday, two sources familiar with the matter said, joining a race in Asia to provide a viable alternative to the metal’s global benchmark which is under regulatory scrutiny.
The physically settled contract will trade on the Singapore Exchange. This and other planned contracts in Hong Kong and China could cut Asian reliance on gold’s spot price benchmark in London and futures bellwether in New York………………………………………..Full Article: Source

Gold rebounds past $1,300/oz on Iraq crisis, weaker dollar

Posted on 25 June 2014 by VRS  |  Email |Print

After losing investor favor, gold has rebounded past $1,300/oz in recent days due partly to the Iraq crisis, but the market remains cautious about any long-term change in sentiment. ANZ said in a research note Tuesday that gold is also being lifted by a weaker US dollar.
“Gold continues to hold steady as the dollar extends its longest slump in seven weeks in response to the US Fed’s dovish statement, boosting demand for alternative investments,” the Australian bank said………………………………………..Full Article: Source

Gold Near Completion Of Major Pattern, Bullish Trend Emerging?

Posted on 25 June 2014 by VRS  |  Email |Print

Gold price is in the process of completing a large degree sideways triangle towards $1,330-$1,350. Gold price has bounced off $1,240 and as per our daily analysis our short-term target of $1,310 has been achieved.
Gold price short-term trend is bullish as long as it trades above $1,310. I expect a top to be made around $1,340-50 and a reversal to start tha will eventually bring Gold price below $1,000………………………………………..Full Article: Source

Positive on gold, even more so on gold stocks – Stoeferle/Valek

Posted on 25 June 2014 by VRS  |  Email |Print

For the past several years, Ronald-Peter Stoeferle has produced one of the most comprehensive analyses available anywhere of what is happening in the gold sector – firstly under the auspices of Austria’s Erste Bank, and now from the Liechtenstein-based advisory company, Incrementum AG, of which he was one of the founders.
Incrementum is an advisor to Erste Bank so this report, the eighth in the series, is based on an original analysis prepared for Erste Group Research entitled Goldreport 2014, but also contains additional information. This time Ronni Stoeferle has been joined in the preparation of this 94-page long report by his colleague Mark Valek and between them the two analysts have put together a remarkably detailes assessment of what has been going on in the sector, and how gold is likely to perform in the near future………………………………………..Full Article: Source

LBMA Weighing Seven Options To Replace London Silver Fix

Posted on 25 June 2014 by VRS  |  Email |Print

The race to replace the London silver price fix appears to be heading into the home stretch as members of the London Bullion Market Association now have to revaluate seven different presentations to find out which one will get the official nod.
On Friday the LBMA held a closed door meeting with 140 members to present the seven different options that are currently off the table. On Tuesday the association officially disclosed the presentations on its website………………………………………..Full Article: Source

CPM predicts largest-ever platinum market deficit in 2014

Posted on 25 June 2014 by VRS  |  Email |Print

Regardless of Monday’s announced end of the South African platinum strike, New York-based commodities research firm, CPM Group, forecasts that the platinum market is expected to record the largest deficit ever this year, as the shortfall of total supply of newly-refined platinum relative to fabrication demand is estimated at 818,823 ounces this year.
In the CPM Group Platinum Group Metals Yearbook 2014 made public Tuesday morning, CPM estimated that total refined platinum supply rose 2.6% to 7.2 million ounces last year. Most of the supply increase was from higher mine supplies, which rose 4.8%………………………………………..Full Article: Source

Gold Euphoria Won’t Last With Yellen’s Rally Fading

Posted on 24 June 2014 by VRS  |  Email |Print

After the biggest gold slump in three decades left investors heartbroken, they’re following Taylor Swift’s advice and never, ever getting back together. Janet Yellen, the one person able to make the lovers reconcile, did her best. Prices surged the most since September the day after the Fed chair signaled last week that low interest rates are here to stay.
Traders and analysts surveyed by Bloomberg News aren’t expecting the euphoria to last. Volatility in futures is near a four-year low, at a time when trading volumes and open interest in Comex contracts are waning………………………………………..Full Article: Source

The Best Types of Gold to Buy Now

Posted on 24 June 2014 by VRS  |  Email |Print

Investing in gold is a great way to diversify investment portfolios, hedge against a financial crisis, and even protect against inflation. But with so many different types of gold to buy, finding the right gold investment can be a difficult task for retail investors.
One of the most popular types of gold investments is gold coins. There are numerous types of gold coins traded throughout the world, and they all have different weights, fineness, face values, and intrinsic values………………………………………..Full Article: Source

The downtrend in gold is under threat

Posted on 24 June 2014 by VRS  |  Email |Print

The rally in COMEX gold prices from $1,250 has gold bulls excited. After more than 2 years of falling prices is this finally the turnaround that gold bulls have been hoping for?
The gold chart doesn’t give a clear answer but it sets key trigger points that allow traders to make a better decision. Let’s start with the bearish view and look at features that suggest the rally is temporary and the downtrend will likely continue. There are three resistance features that can limit the rally………………………………………..Full Article: Source

Platinum Down, Palladium Up After End to South African Miners’ Strike

Posted on 24 June 2014 by VRS  |  Email |Print

Prices for platinum and palladium shuffled between gains and losses Monday, as concerns about supplies of the precious metals persisted despite the apparent end of a five-month-old strike by South African miners.
Platinum for July delivery, the most actively traded contract, settled down 0.1%, or 70 cents, at $1,456.60 a troy ounce after trading between $1,441.20 and $1,459.40 an ounce. Palladium for September delivery closed up 0.1%, or 45 cents, at $822.65 a troy ounce. The September contract had slid to a low of $810.50 an ounce………………………………………..Full Article: Source

Keep Eye On $1,300/Oz To See If Gold Rally Has Legs

Posted on 23 June 2014 by VRS  |  Email |Print

Gold prices rose to their highest level since mid-April this week and market participants are keeping a close eye on $1,300 an ounce to see if the metal can stay above this psychologically important level.
August gold futures rose Friday, settling at $1,316.60 an ounce on the Comex division of the New York Mercantile Exchange, up 3.3% on the week. July silver rose Friday, settling at $20.949 an ounce, up 6.6% on the week………………………………………..Full Article: Source

Gold Speculators Sharply Add Overall Bullish Bets

Posted on 23 June 2014 by VRS  |  Email |Print

Futures market speculators added to their overall bullish bets in the gold futures market last week for the second straight week as the weekly increase was the most since March, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Friday.
The non-commercial futures contracts of Comex gold futures, traded by large speculators and hedge funds, totaled a net position of +78,295 contracts in the data reported through June 17th. This was a weekly change of +17,168 contracts from the previous week’s total of +61,127 net contracts that was registered on June 10th………………………………………..Full Article: Source

Euphoria in Gold’s Price Elevates Miners

Posted on 23 June 2014 by VRS  |  Email |Print

Almost a month after a rout in the price of gold sent mining stocks tumbling, a rally in the precious metal had them surging as doubts about the viability of the so-called economic recovery has investors thinking the Federal Reserve will continue to maintain its easy money policies.
The best performer was El Dorado Gold , which jumped 9% on the day, while Yamana Gold and Kinross Gold each closed the day about 6% higher. The veneer of better jobless claims and regional manufacturing data was not enough to convince Fed directors they shouldn’t keep their foot on the gas pedal for keeping interest rates near 0%, even if it meant igniting inflation later on……………………………………….Full Article: Source

Analysts Question Whether Gold Prices Can Hold Above $1,300

Posted on 23 June 2014 by VRS  |  Email |Print

Analysts and commodity traders continue to keep an eye on gold’s psychologically important $1,300-an-ounce level and prices start the week on a relatively softer note. To start the week, electronic trading of Comex August gold futures opened the Sunday North American evening/Monday Asian session at $1,314.90 an ounce, down from Friday’s pit close of $1,316.60 an ounce.
Although activity has been light, gold prices have been under fairly consistent selling pressure since the opening of Asian markets. As of 8:00 p.m. EDT, August gold was trading at $1,314.20 an ounce, down $2.40 or 0.18% on the day……………………………………….Full Article: Source

Oil And Gold Prices Surge As Tensions In Iraq Escalate

Posted on 20 June 2014 by VRS  |  Email |Print

With tensions in Iraq escalating to the point that President Obama said he would deploy up to 300 military advisers to the country, investors sent prices of gold and oil surging in Thursday trading. Gold, the classic safe-haven trade, reached its highest point in two months as oil, whose Iraqi production could see pressure if ISIS (Islamic State of Iraq and Syria) militants move the conflict to the south of Iraq, surged to its highest price of the year.
Bolstered by a drop in the dollar and the Federal Reserve’s reticence to raise interest rates — not to mention the situation in Iraq — gold gained 3.7% in Thursday trading and surged to its highest price in two months. Gold futures, which hit as high as $1,322 an ounce during its regular trading session, settled at $1,314.10 for the day, its highest level since April 14. Spot prices, too, closed at $1,314 an ounce………………………………………..Full Article: Source

World Gold Council to fix global gold pricing

Posted on 20 June 2014 by VRS  |  Email |Print

A discussion by gold buyers and sellers across the market on ways to reform or replace London’s global price benchmark, known as the “fix”, will be held next month by the World Gold Council. The discussion comes as gold and silver fixes, along with other commodity benchmarks, face increased scrutiny by regulators in Europe and the United States following the London Inter bank Offered Rate (Libor) manipulation case in 2012.
WGC, a gold mining industry group, said on Wednesday bullion banks, refiners, fund firms, central banks and mining companies had been invited to the forum, with a first meeting scheduled for July 7 in London. Britain’s financial conduct authority will attend the discussion forum as an observer………………………………………..Full Article: Source

2014 gold mine capital cost to peak at US$2,400/oz - SNL Financial

Posted on 20 June 2014 by VRS  |  Email |Print

The cost of building a mine has increased significantly over the last decade, from US$560 per ounce of gold production capacity in 2004 to more than $2,300/oz last year, says a new report by SNL Metals & Mining. Based on data from mines currently under construction, capital costs are expected to peak this year at almost $2,400/oz, according to an article by SNL metals analyst Kevin Murphy.
“The three-year-running-average capital cost of capacity follows behind the trend set by the gold price,” said the SNL report, Strategies for Gold Reserves Replacement. “When gold prices increased sharply in 2006, producers responded by approving construction of more capital-intensive projects, which began at earlier gold prices.”……………………………………….Full Article: Source

India’s Role In The Gold Market

Posted on 20 June 2014 by VRS  |  Email |Print

India is now, according to The World Gold Council (WGC), the world’s second biggest consumer of gold, having been surpassed by China. However, India remains a major player in the gold market. In this article, I will look at the importance of India in the gold market.
In India, gold is religion. India’s love affair with gold is timeless, spanning centuries, even millennia. Roman historian, Pliny, lamented some 1800 years ago how India, the sink of precious metals, was draining Rome of gold, an appellation that resonates even today. Indians see the metal as a symbol of purity, prosperity and good fortune………………………………………..Full Article: Source

Gold Volatility Slumps to Lowest Since 2010 Before Fed

Posted on 19 June 2014 by VRS  |  Email |Print

Gold volatility slumped to a 44-month low before the Federal Reserve concludes a two-day policy meeting. The 60-day historical volatility dropped to 11.4, the lowest since Oct. 18, 2010, according to data compiled by Bloomberg. Gold futures traded in a range of $45 an ounce this month, compared with $74 in May.
The value of exchange-traded funds backed by gold has contracted by $2.57 billion this quarter, and open interest in Comex futures fell to a five-year low in April. The precious metal’s appeal as an alternative investment faded as U.S. equities surged to a record and the Fed cut monetary stimulus…………………………………..Full Article: Source

Reform or die: Gold price fix under pressure

Posted on 19 June 2014 by VRS  |  Email |Print

The 117-year-old London Silver Fix is nearly dead. Is its younger but more illustrious sister going the same way? That was the question being asked in the gold sector on Wednesday. In a move that caught some off guard – not least the London Bullion Market Association, whose members oversee the benchmark price – the World Gold Council said it had convened a forum to discuss the future of the 95-year-old gold fix.
The meeting, which is expected to involve everyone from mining companies to exchange traded funds, will explore “modernisation” of the benchmark, which was “imperative to maintain trust across the industry”, the WGC said…………………………………..Full Article: Source

Why is the World of Gold and Silver Changing

Posted on 19 June 2014 by VRS  |  Email |Print

Since spot gold and silver are traded 24 hours a day, the daily fix provides a snapshot of prices that industry participants can use to price central-bank assets, the value of exchange-traded funds tied to bullion and physical gold and silver deals.
Now, the prices of silver and gold are set daily in London by way of conference calls among banks—four for gold and three for silver. During the calls, the banks exchange bids and offers for the specific metal on behalf of themselves and their clients, and the price is declared ‘fixed’ when supply and demand is equal at a certain price…………………………………..Full Article: Source

World’s Largest Gold Producing Countries: Russia

Posted on 19 June 2014 by VRS  |  Email |Print

Not quite as secretive and mysterious as Chinese mine production, but certainly not as forthcoming as other countries, Russia’s vast lands hold some large mines and deposits ranking it as the third largest gold producer.
The Olimpiada mine has been producing gold since 1996 and is still a staple of Polyus Gold International’s country-leading gold production portfolio…………………………………..Full Article: Source

Forget gold, time to buy searing hot ‘white metals’

Posted on 19 June 2014 by VRS  |  Email |Print

While gold has been climbing higher recently as investors seek safety due to the deteriorating conditions in northern Iraq, the ‘white metals’ as they are called have been searing hot.
Palladium is near five-year highs after tailing off a smidge, and platinum’s been on fire the past few months. The prescient Jonathan Hoenig of the Capitalist Pig Hedge Fund was on Breakout two months ago, banging the table telling viewers to buy these metals. In the attached video, he says the trade’s still on and you still have time to play it…………………………………..Full Article: Source

Oil-Gold Tie Breaks 1st Time in 5 Years as Economy Grows

Posted on 18 June 2014 by VRS  |  Email |Print

A five-year-long link between crude oil and gold has come apart as the economic recovery boosts energy consumption and lowers the metal’s appeal as a haven, encouraging investors to buy oil and sell gold.
The 120-day correlation between West Texas Intermediate crude and gold futures slipped into negative territory this year for the first time since July 2009, according to data compiled by Bloomberg. The relationship tightened, though remained negative, last week as military tension in Iraq boosted prices for both commodities………………………………………..Full Article: Source

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Blame the media for gold’s decline: Marc Faber

Posted on 18 June 2014 by VRS  |  Email |Print

Investors who favor gold have provided many reasons for gold’s nearly 30 percent decline in 2013 and overall demolition since it hit $1,934 in September 2011. But on CNBC’s “Futures Now,” noted investor Marc Faber provided an especially interesting one.
Investors are shunning gold “because the media doesn’t like gold,” Faber said by phone Tuesday from Thailand. “Nobody at CNBC owns gold. Nobody at Bloomberg owns gold. Gold is being constantly talked down by the media, and Fed officials, and economists, who also don’t own any gold. They’re all stocked up in equities.”……………………………………….Full Article: Source

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Gold holds above $1,270, eyes on Fed

Posted on 18 June 2014 by VRS  |  Email |Print

Gold was trading in a tight range on Wednesday as a firmer dollar and outflows from bullion funds sapped demand, with many investors waiting for the Federal Reserve to conclude its two-day policy meeting before placing big bets on the metal.
Spot gold was little changed at $1,270.94 an ounce by 0028 GMT, after ending flat in the previous session. The metal hit a three-week high of $1,284.85 on Monday due to violence in Iraq, but prices have since fallen back………………………………………..Full Article: Source

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Why Gold Belongs In Your Portfolio

Posted on 18 June 2014 by VRS  |  Email |Print

Gold as an investment is one of the most difficult assets to forecast, predict and understand. Being a commodity, its price can vary rapidly due to events beyond anyone’s control. So why then does gold belong in your portfolio?
Investors use gold as an investment for a variety of reasons. Some investors use gold as a hedge against inflation, others as a hedge against a declining dollar and some as a safe haven during periods of political and economic turmoil. In my opinion, gold is a great portfolio hedge against a significant market recession as seen in 2002 and 2008………………………………………..Full Article: Source

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Have These Gold Mining Stocks Finally Hit Bottom

Posted on 18 June 2014 by VRS  |  Email |Print

As gold prices remain soft, gold miners’ shares find themselves on shaky ground. However, it looks like for some of them, the worst could be over. IAMGOLD , Eldorado Gold , and Kinross Gold were under serious pressure last year, but so far this year their shares have stood firm. Does this mean that these miners have reached their bottoms?
IAMGOLD: relying on the price of gold: Despite cost-cutting efforts, IAMGOLD remains a relatively high-cost producer. The company’s all-in sustaining costs (AISC) dropped from $1,290 per ounce of gold in the first quarter of 2013 to $1,198 in the first quarter of 2014, but remain close to the current gold price. This year, IAMGOLD targets AISC of $1,150-$1,250 per ounce of gold………………………………………..Full Article: Source

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Why Gold’s Base Price Should Be North Of $2,000

Posted on 17 June 2014 by VRS  |  Email |Print

Even though present Geo-political events in Iraq have now pushed up the price of gold due to Brent Crude hitting a new high in 2014, the value of the yellow metal relative to oil is still way below its historical average. Currently, the price of Brent Crude is trading at $113.35, while gold is at $1,275. This is an embarrassing 11.2 to 1 ratio…. thanks to the manipulation by the Fed and member banks.
We can see the average Gold-Oil Ratios for the past 5+ decades. When the U.S. Dollar was backed by gold, the average gold-oil ratio during the 1961-1970 period was 20 to 1. Which means one ounce of gold could purchase 20 barrels of oil……………………………………….Full Article: Source

Is the world’s biggest gold vault empty?

Posted on 17 June 2014 by VRS  |  Email |Print

The fifth subfloor of the Federal Reserve Bank of New York is home to the world’s largest gold vault. And pretty much anybody can take the elevator down 25 metres below street level to view the steel and concrete structure. But very few people are allowed past the 90-ton steel cylinder that protects the entrance to the vault – not even the owners of the gold stored inside.
Of course security has to be pretty tight, for the vault that contains over 20% of the world’s gold. But some owners have become increasingly suspicious over the existence of the gold………………………………………..Full Article: Source

World’s Largest Gold Producing Countries: China

Posted on 17 June 2014 by VRS  |  Email |Print

While the Chinese dominate gold production among countries, it still maintains a level of mystery as to where all these ounces come from. Much of the mining industry in China is highly privatized and you’d be hard pressed to find traditional production figures that are generally more available around the rest of the world.
Gold production coming out of China over the last decade has more than doubled as the country produced 6,827,000 ounces of gold in 2004. In 2014, gold production estimates are expected to be around 14.5 million ounces………………………………………..Full Article: Source

Silver Fix, fix: 10 firms in the early running

Posted on 17 June 2014 by VRS  |  Email |Print

Ten companies are interested in developing and running a replacement for the century-old London silver fixing benchmark that will end in August.
The London Bullion Market will create a shortlist from the requests for proposals and the industry group’s members will consider presentations at a seminar in London on June 20, the LBMA said today in a statement on its website. A survey conducted in May showed the market wants an electronic, auction- based process and one that’s tradable, the LBMA said June 5………………………………………..Full Article: Source

Gold Prices Push Higher As Geopolitical Unrest Supports Safe-Haven Assets

Posted on 16 June 2014 by VRS  |  Email |Print

Gold prices are starting the week on a strong footing as renewed geopolitical risks create modest demand for safe-haven assets, said analysts. To start the week, electronic trading of Comex August gold futures opened the Sunday North American evening/Monday Asian session at $1,276.80 an ounce, up from Friday’s pit close of $1,274.10 an ounce.
Since the open, the rally in gold prices has been fairly consistent; as of 8:53 p.m. EDT, August gold was trading at $1,279.30 an ounce, up $5.20 or 0.41% on the day………………………………………..Full Article: Source

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