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Market: .
Sector: Gold Mining
Epic: GOLD
News: Latest news
Web Site: Gold
Other Articles: 08-07-201022-06-201018-06-2010 
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Thursday July 29, 09:30Specialist Energy Group Lays Out a Compelling Blueprint for Growth

After a difficult start to life as a stock market listed company, the company now stands at the threshold of a much brighter future. Legacy issues have been dealt with and the turnaround programme initiated by CEO Ewan Lloyd-Baker is gaining traction.

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Wednesday July 28, 11:30Silver Lake Resources boosts high grade gold resource by 70% to 2.5m ounces

Silver Lake Resources has added over 1 million ounces of gold to its resource inventory during the year after mining 66,700 ounces and expects further encouraging results at its  Mount Monger and Murchison projects.

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Thursday July 15, 02:10Henan Yuguang Lead & Gold investment in Kimberley Metals receives all clear from FIRB

Kimberley Metals (ASX: KBL) has reported that on 12 July the Australian Government Foreign Investment Review Board (FIRB) had no objections to Henan Yuguang Lead & Gold Co. Ltd's [...]

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Gold

Gold

Gold is a chemical element with the symbol Au and the currency code is XAU. It is a highly sought-after precious metal which, for many centuries, has been used as money, a store of value and in jewelry. The metal occurs as nuggets or grains in rocks, underground "veins" and in alluvial deposits. Modern industrial uses include dentistry and electronics, where gold has traditionally found use because of its good resistance to oxidative corrosion.
Tuesday, March 09, 2010

Gold pulls back as Dollar rises against Euro

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Gold prices declined sharply today as the US dollar gained against the euro, pushing down the yellow metal following last week’s rally that saw it climb to seven week highs, supported by a rally in global equity markets that increased investors’ appetite for riskier assets such as precious metals and an improved outlook for the Greek fiscal crisis following a successful bond issue and the introduction of a new economic austerity package.

Europe’s single currency, which has been under mounting pressure as Greece’s debt crisis unravelled, weakened today after the country’s Prime Minister George Papandreou asked US President Barack Obama to assist with fixing Greece’s economic problems by imposing stricter regulations on hedge funds and currency traders. Papandreou said that the situation could lead to another economic downturn and the consequences of a weaker euro would spread far beyond the euro zone, leading to a rising US trade deficit as a result of a weaker euro.

Papandreou and Obama are set to meet behind closed doors in Washington, DC today.

Last week, Greece introduced new measures to reduce the ballooning budget deficit including pay cuts for public servants and tax hikes, while conducting a successful bond issue to raise €5 million to meet its near-term commitments.

Chinese demand is also a concern after Director of the country’s State Administration of Foreign Exchange Yi Gang said its investment in gold will now be limited due to a “few factors,” including the inconsistency of the yellow metal’s price over the past 30 years that reduced its appeal as a long-term investment. China, which is the world’s largest producer and the second bigger consumer of gold behind only India, currently has US$2.4 trillion in foreign exchange reserves, including holdings of 1,054 tonnes of gold compared to holdings of 600 tonnes in 2003.

Gang concluded that gold will not be China’s primary investment focus, currently making for roughly 1.5% of its total foreign exchange reserves.

Gold fell to US$1,116/oz today, while silver and platinum dropped to US$17.04/oz and US$1,582/oz respectively.

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