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Gold, Nonferrous Metal, Nonferrous Metals Prices

April 28, 2011

London Gold Fix for 28 Apr 2011

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2011-4-27 AM PM
USD 1508.000 1511.000
GBP 910.240 912.440
EUR 1027.320 1027.320
2011-4-26 AM PM
USD 1505.000 1497.500
GBP 912.290 910.610
EUR 1028.640 1028.640
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Gold, Nonferrous Metal, Nonferrous Metals Prices

Live Spot Gold for 28 Apr 2011

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Bid/Ask 319.52 319.73
Low/High 318.94 320.77
Change +0.27 +0.09%
30daychg +22.97 +7.75%
1yearchg +76.00 +31.21%

Gold, Metal News, Nonferrous Metal, Nonferrous Metals Prices

March 30, 2011

London Gold Fix for 31 Mar 2010

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2011-3-30 AM PM
USD 1419.000 1425.000
GBP 883.400 889.050
EUR 1007.530 1007.530
2011-3-29 AM PM
USD 1414.000 1417.500
GBP 883.200 886.660
EUR 1002.270 1002.270

Gold, Metal News, Nonferrous Metal, Nonferrous Metals Prices

Live Spot Gold for 31 Mar 2010

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Bid/Ask 300.09 300.30
Low/High 296.98 301.25
Change +0.44 +0.15%
30daychg +3.09 +1.04%
1yearchg +67.89 +29.24%

Gold, Metal News, Nonferrous Metal

February 20, 2011

Surging Metal Demand a ‘Global Phenomenon’

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Israeli comments led to dollar weakness and gold, silver and oil rallying yesterday. The Israeli government described the Iranian warships move into the Suez canal as a “provocation” and hinted at a possible response.

An example, if one was needed, about how precarious the geopolitical situation in the Middle East is and how markets continue to underestimate the risk of military conflict.

Besides the very strong fundamentals, gold is looking better and better technically. After a four month period of correction and consolidation gold remains below levels seen last October (see chart below).

Gold in USD – 10 Day (Tick)

Gold bounced off support seen at the 150-day moving average and is now above the 100-day moving average. It is only 3.5% below the nominal record high of $1,423.75/oz seen in early December 2010.

Gold in USD – 1 Year (Daily) and 150 Day Moving Average

Even more important is the significant increase in demand seen in India, China and globally as people buy gold to protect themselves from macroeconomic risk and deepening inflation.

The World Gold Council reports that the increase in investment demand is a “global phenomenon,” reporting a 19% year-on-year rise across the world in its most recent report this morning.

In China alone, gold investment demand jumped 70% last year as Chinese people bought gold as a store of value. Demand is projected to grow a further 40% to 50% this year and jewelry demand will expand by 8% to 10% this year.

Gold imports by India, the largest buyer of gold in the world, climbed to a record of 918 metric tonnes in 2010, driven by a surge in jewelry demand with Indians continuing to buy jewelry as a store of value.

Reuters quoted a leading Chinese executive from Industrial and Commercial Bank of China (ICBC), the world’s largest bank by market value, as saying that demand for gold was growing at a voracious pace due to surging inflation.

Zhou said that the huge increase in Chinese demand seen last year would happen again in 2011 due to a “choppy stock market” and concerns about how rising interest rates will affect property markets.

Perhaps most importantly and rarely mentioned in the western media is the fact that the Chinese government is encouraging their citizens to buy physical gold and silver bullion having banned gold ownership from 1950 to 2003 (see video).

“Unlike the property market, investment in the gold sector is something the government is encouraging,” Zhou said.

Zhou said there was also voracious demand for silver, with ICBC bank alone selling about 13 tonnes of physical silver in January alone, compared with 33 tonnes in the whole of 2010. Were that demand to continue then demand for silver from ICBC alone could be as high as 156 tonnes this year. This would be a 370% increase on 2010.

Given the degree of demand for silver in China and internationally the forecast that silver could reach $36 an ounce this year, by Bloomberg analysts, is looking very conservative.

Those continuing to call gold and silver “bubbles” continue to ignore the facts and the many, many extremely important developments in the gold and silver bullion markets.

Gold

Gold is trading at $1,377.75/oz, €1,017.01/oz and £854.68/oz

Silver

Silver is trading at $30.59/oz, €22.58/oz and £18.98/oz.

Platinum Group Metals

Platinum is trading at $1,825.50/oz, palladium at $835.00/oz and rhodium at $2,400/oz.

Gold, Nonferrous Metal, Nonferrous Metals Prices

December 28, 2010

Live Spot Gold for 28 Dec 2010

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Bid/Ask 295.85 296.08
Low/High 295.34 296.70
Change +1.04 +0.08%
30daychg +5.28 +0.39%
1yearchg +59.98 +5.42%

Gold, Nonferrous Metal, Nonferrous Metals Prices

London Gold Fix for 28 Dec 2010

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2010-12-24 AM PM
USD 1380.500 N/A
GBP 893.530 N/A
EUR 1052.610 1052.610
2010-12-23 AM PM
USD 1384.000 1373.500
GBP 898.700 890.550
EUR 1056.000 1056.000

Gold, Metal News, Nonferrous Metal

Chinese Gold Miners Fined for Toxic Spill

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It is reported from the government of Fujian Province that two senior executives at Zijin Mining Group Co, China’s biggest gold miner, were fined for an acidic waste spill in July.

Chen Jinghe, president of the company, was fined 705,997 yuan (US$106,448) and Vice Executive President Zou Laichang got a fine of 449,768 yuan.

The amount of the fine was based on their income last year. Under the law, people who are directly responsible for a major water pollution accident should be fined no more than 50 percent of their income in the previous year.

A total of more than 10 million yuan in fines, including 9.56 million yuan paid by the company, has been levied over the toxic leak disaster.

Zijin was accountable for the acidic waste spill in the province in July that poisoned almost 2,000 tons of fish and polluted drinking water.

Zijin also had to pay at least 19.5 million yuan to compensate for losses caused by a dam collapse in one of its mines in south China’s Guangdong Province in September during heavy rains, which left 28 people dead or missing.

Gold, Nonferrous Metal, Nonferrous Metals Prices

November 26, 2010

Live Spot Gold for 26 Nov 2010

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Bid/Ask 292.75 292.96
Low/High 292.43 293.78
Change -1.24 -0.09%
30daychg +9.47 +0.71%
1yearchg +37.82 +3.17%
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Gold, Metal News, Nonferrous Metal, Nonferrous Metals Prices

London Gold Fix for 26 Nov 2010

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2010-11-25 AM PM
USD 1370.500 1373.250
GBP 870.050 870.690
EUR 1030.680 1030.680
2010-11-24 AM PM
USD 1376.250 1372.500
GBP 873.480 870.100
EUR 1033.070 1033.070
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