Tag Archives: Precious Metals

Mongolia at a crossroad as boom brings challenges

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“Dozens of office buildings are being erected at quick pace, while residential developments featuring fancy colours and rococo terraces are rising just across the road. Ulan Bator’s construction boom is adding new momentum to the country’s economic growth.  Mongolia’s vast, largely untapped deposits of gold, copper, coal and uranium might be worth as much as US $3 trillion. In a country of only 2.8 million people, that represents a huge opportunity.  ‘By 2030, Mongolia will become one of the three richest countries in Asia by GDP per capita after Singapore and Japan,’ Alisher Ali, founder of the investment group Silk Road Finance, said earlier this year in an interview.”

http://www.bangkokpost.com/business/tourism/388179/mongolia-at-a-crossroad-as-boom-brings-challenges

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Why do we have faith in gold? (one simple statistic)

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“These quotes are from 1976, when the spot price of gold fell from $200 to $100 an ounce. Thereafter, gold rose from $100 to $850.  Why do we continue to keep the faith with gold (and silver)? We can encapsulate the argument in one statistic.  Last year, the US Federal Reserve enjoyed its 100th anniversary, having been founded in a blaze of secrecy in 1913. By 2007, the Fed’s balance sheet had grown to $800 billion.  Under its current QE programme (which may or may not get tapered according to the Fed’s current intentions), the Fed is printing $1 trillion a year.  To put it another way, the Fed is printing roughly 100 years’ worth of money every 12 months.”

http://www.sovereignman.com/finance/why-do-we-have-faith-in-gold-one-simple-statistic-13355/

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Two Scenarios Right Now for Gold and Silver

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“So far, in the first few days of trading in the New Year, gold and silver are largely holding their gains and continuing to chop around.  So what does the action mean? Has gold bottomed? Ditto for silver.  Or, is a January low off the table now, since both metals have rallied?  I see two scenarios right now for gold and silver. Ranked in order of probability, they are … First, the recent rally is nothing more than another bout of short-covering, one that will soon give way to another crushing decline.  Second, the recent rally could be indicating a cycle inversion.”

http://www.moneyandmarkets.com/two-scenarios-right-now-for-gold-and-silver-57333

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New Trend Guarantees Higher Gold Prices

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“The following four factors are combining to diminish gold supply. While we’ve touched on some of them before, put together they’re creating a perfect storm that will, sooner or later, impact the gold market in several powerful ways. As these forces gather steam, you’ll want to make sure you’ve already built a substantial position in physical bullion.  Factor #1: Production Pullbacks, Development Delays, Exploration Cancelations;  Factor #2: Now You See ‘Em, Now You Don’t;  Factor #3: Greed Is Good—Says the Politician;  Factor #4: Implosion Explosion.”

http://www.caseyresearch.com/articles/new-trend-guarantees-higher-gold-prices

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Gold Analysts Get Most Bullish in a Year After Rout

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“Gold analysts are the most bullish in a year on speculation that investors are reducing near-record bearish bets after the biggest plunge in prices since 1981.  Gold retreated for the first time in 13 years in 2013 as an improving economy spurred speculation the Federal Reserve would curb stimulus. The U.S. Mint sold 56,000 ounces of American Eagle gold coins in December, the most since June and contributing to a 14 percent gain in annual sales, data on its website show. Australia’s Perth Mint sold 41 percent more gold in 2013 and Turkey’s imports climbed 64 percent last month to the highest since July, data on the Istanbul Gold Exchange’s website show.”

http://www.bloomberg.com/news/2014-01-06/gold-analysts-get-most-bullish-in-a-year-after-rout-commodities.html

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Gold funds hit 2008 level ahead of US Fed action

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“Holdings of gold in exchange traded funds (ETFs) around the world have fallen back to levels last seen before the global financial crisis in 2008, wiping away all the speculative froth in precious metals.  The once-popular GLD fund has lost 57pc of its value over the last year with outflows of $25bn (£15bn) as investors brace for a cycle of monetary tightening by the US Federal Reserve, typically a headwind for gold and commodities. JP Morgan says interest in gold has evaporated to the point where speculative long and short positions monitored by the US Commodity Futures Trading Commission have dropped to the lowest since early 2006.  The wild card is China, still buying fistfuls of physical gold.”

http://www.telegraph.co.uk/finance/personalfinance/investing/gold/10552352/Gold-funds-hit-2008-level-ahead-of-US-Fed-action.html

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SNB Sees $10 Billion Loss for 2013 as Gold Price Plummets

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“Switzerland’s central bank will scrap its annual payment to the government for 2013 after a gold-price decline caused a loss of 9 billion francs ($10 billion).  Switzerland’s 26 cantons are the central bank’s biggest shareholders. Together with the government, they receive an annual payment of 1 billion francs if the distribution reserve isn’t negative after appropriation of profit.  The SNB’s gold holdings are the target of a popular initiative that demands that at least 20 percent of the central bank’s assets be in the form of gold. The measure would also block the sale of such holdings and require all SNB gold to be located in Switzerland.  The SNB is listed on the Zurich stock exchange.”

http://www.bloomberg.com/news/2014-01-06/snb-sees-10-billion-loss-for-2013-as-gold-price-plummets.html

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Jewellers open Gulf shops to serve 50-60% rise in India gold sales

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“The new year has begun on a gloomy note forgold jewellers. A 10% import duty along with a 1% VAT and a high premium of $125 per troy ounce have made Indian gold costlier and less attractive to non-resident Indians (NRIs) who are now buying gold jewellery from Gulf countries where sales have increased by 50%-60%. An increase in NRI purchases in West Asia has prompted Indian jewellers like Kalyan Jewellers to open shops in the region. Malabar Gold & Diamond, which is already present in the region with 32 retail showrooms, has drawn up plans to add 10 showrooms in the region this year.”

http://articles.economictimes.indiatimes.com/2014-01-06/news/45918580_1_kalyan-jewellers-import-duty-bachhraj-bamalwa

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India may ease gold import curbs later this month

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“Indian officials are in discussions to cut a record high import duty on gold and relax rules on exports, government sources said, after the measures helped narrow the country’s trade deficit and now threaten to encourage smuggling.  With three duty hikes last year to a record 10 percent and onerous restrictions tying purchases to exports, official arrivals shrank almost 90 percent in the six months to November, helping China displace India as the world’s top gold buyer.  The decision to cut the import duty is likely to be taken anytime this month, said one of the government sources, who has direct knowledge of the deliberations but did not want to be named because of the sensitivity of the issue.”

http://www.financialexpress.com/news/india-may-ease-gold-import-curbs-sources/1216037/0

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Gold purchases surge in China as prices slump

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“Many shops selling gold in Beijing are catering to a steady stream of customers interested in buying the precious metal after gold prices started decreasing.  International gold prices have fallen by 28% to less than US$1,200 on Dec 31, 2013, the largest drop since 1981.  Many Chinese gold buyers have been happy to see the price drop as this is traditionally peak season for gold purchases before the Lunar New Year holiday and the recent slump will allow them to buy gold at relatively low prices.  The Chinese-language Beijing News reported that gold sales had surpassed 10 million yuan (US$1.7 million) an hour after Caibai Jewelers in Beijing opened on Jan 1, setting a new record.”

http://www.wantchinatimes.com/news-subclass-cnt.aspx?id=20140103000056&cid=1102

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