28 February 2013
Berita Semasa 28 Febuari 2013 ...
Gold edges up on improved physical buying
Gold for immediate delivery was seen trading at $1583.67 an ounce at 12.00 noon Singapore time while US gold was seen at $1583.27 an ounce on the comex division of nymex.
Gold advanced in Asian trade Monday as physical buying improved.
Gold for immediate delivery was seen trading at $1583.67 an ounce at 12.00 noon Singapore time while US gold was seen at $1583.27 an ounce on the comex division of nymex.
Analysts said the precious yellow metal is likely to remain highly volatile during the day as investors were cautious over the outcome of an unpredictable election in Italy and its impact on the euro zone.
The euro bounced from a six-week low around $1.3145, but further upside may be limited as investors eye the vote in Italy.
They added that an unstable government in Italy could cause another crisis of confidence in the European Union's single currency.
Gold hit a seven-month low of $1,554.49 on Thursday after minutes from the U.S. Federal Reserve's latest policy meeting triggered worries the central bank might stop or slow its bond buying programme.
On Friday, April gold settled at $1,572.80 an ounce on the Comex division of the New York Mercantile Exchange, down $5.80 for the session.
Gold struck a record of around $1,920 in September 2011, when a worsening debt crisis in Europe ignited a buying rush.
Sumber : Google
27 February 2013
Berita Semasa 27 Febuari 2013 ...
China 2012 Gold output up 12% to hit 403.1 tons
Country's gold producers recorded a combined 35 billion yuan ($5.6 billion) in profits last year, up just four per cent from 2011.
World's largest gold producer China's production hit 403.1 tons in 2012, up 11.6 percent from 2011.
According to China's Ministry of Industry and Information Technology, Among the total, 341.8 tons came from gold mines, while 61.3 tons were a byproduct of nonferrous metal smelting, the ministry said.
Country's gold producers recorded a combined 35 billion yuan ($5.6 billion) in profits last year, up just four per cent from 2011.
Gold price in China declined in December last year following a downtrend in the international market as the deadlock in the United States' "fiscal cliff" bargain added to the market uncertainty, the ministry said.
China is the world’s second largest consumer of gold after India. A global industry group, the World Gold Council, has put China’s consumer demand for gold at 776.1 tonnes last year, flat from 2011.
The council attributed the stable Chinese demand to a slowdown in the domestic economy and consolidation in gold prices which discouraged investors, according to its latest report released this month.
Sumber : Google
26 February 2013
Berita Semasa 26 Febuari 2013 ...
Sudan sees Gold production at 150 tons by 2016
Sudan is looking for gold to make up for the budget deficit it incurred as a result of losing three quarters of its oil production due to the secession of South Sudan in July 2011.
Sudan said it expects gold production to hit 150 tons by 2016 after the discovery of 260 tons of gold reserve in Nahral-Neel state.
Sudanese Minerals minister Kamal Abdel-Latif said he expects the country's gold production to jump to 150 tonnes, thus generating $8 billion in revenues.
He made the remarks during the inauguration of the Qbgbih gold mine in the Nile River state, a joint venture between Sudan and the Moroccan Managem mining company.
The government eyes gold output of around 50 tonnes in 2013, worth around $2.5 billion, which would potentially make it Africa's third largest gold miner behind South Africa and Ghana, and push it into the top 15 producers globally.
The East African country is looking for gold to make up for the budget deficit it incurred as a result of losing three quarters of its oil production due to the secession of South Sudan in July 2011.
Country's mineral ministry also disclosed another proven gold reserves of 66 tons in Qbgbih field, adding that the government is working on a comprehensive survey to detect potential spots of mineral wealth throughout the country.
This survey would target an area of one million square kilometres through partnerships with foreign companies.
The Sudanese official said that the government had established a $70 million mining centre while expanding the work of Ariab Mining Company (AMC) with a funds injection of $90 million.
Jointly owned by the Sudanese government and a Canadian firm, AMC currently runs Sudan's largest gold mine.
In recent years a growing number of foreign gold companies have expressed interest in obtaining licences to operate in Sudan.
Sumber : Google
25 February 2013
Berita Semasa 25 Febuari 2013 ...
Duty hike boosts Gold smuggling in India
Despite India's best efforts to curb illegal gold imports, which included a boost to the nation's customs in 2012, gold smuggling has been rather rampant.
Cases of smuggled gold entering India are coming in thick and fast. Almost as fast as gold coins and jewellery pieces are flying off retail shelves.
-- A brother-sister duo who arrived in Hyderabad by an Emirates flight from Dubai, were arrested for trying to smuggle in 8kgs of gold ornaments.
-- Mumbai airport custom officials arrested a Somali national with a Dutch passport, for attempting to smuggle in 5kgs of gold. -- Eighteen kgs of gold were confiscated in Hyderabad and Chennai at their respective airports.
-- Seven people including three Sri Lankans were arrested by Indian Customs officials at the Chennai airport trying to smuggle in 4kgs of gold into the country.
Despite India's best efforts to curb illegal gold imports, which included a boost to the nation's customs in 2012, gold smuggling has been rather rampant.
According to the All India Gems and Jewellery Trade Federation, India imported 950 tonnes in 2012. Of this, 250 tonne has come into the country through the illegal channel.
“In 2011, India imported over 900 tonnes of gold and none of it came through smuggling. The hike in customs duty has not stopped the import of gold into the country. It has only changed the route as smugglers earn a profit of around $3,719 (Rs 200,000) on every kilogram of gold smuggled into the country,” said Federation Chairman Bachhraj Bamalwa.
The duty rate hike has not dampened demand, it has just enhanced the profit margin of smugglers, he added.
Finance ministry data shows $175 million (Rs 9.4 billion) worth of gold was seized from more than 200 cases of smuggling during April to July 2012. This was a 272% rise from the level of the previous year. Moreover, between 2006-07 and 2010-11, gold seizure was almost nil, data from the directorate of revenue intelligence shows.
In the first 10 months of 2012-13, India's Directorate of Revenue Intelligence seized gold worth $11 million (Rs 601 million) which is some 200kgs at the current price, and cracked 36 cases of smuggling.
The Directorate of Revenue Intelligence is an agency that monitors economic offences. Officers said the incidence of gold smuggling in the current fiscal year has grown by more than eight times as compared to the corresponding period in the previous year.
They added that spot gold prices in India are 5.7% higher than in Dubai. Typically, gold is smuggled into India from neighbouring Dubai and Thailand.
With every individual smuggling in an average of 5 kilo of gold per trip, the return on investment for each smuggler in one year amounts to almost 200%.
Sumber : Google
24 February 2013
Berita Semasa 24 Febuari 2013 ...
Gold, Silver fail to recover losses despite talk of currency wars, nuclear testing
Like gold, silver also failed to make up ground lost yesterday, trading below $31 throughout this morning.
U.S. dollar gold bullion prices failed to recover yesterday's lost ground Tuesday morning, hovering below $1650 per ounce, as stocks and commodities eased higher and the Euro gained against the Dollar, following news of a fresh nuclear test in North Korea and denials from policymakers that a currency war is taking place among major economies.
Like gold, silver also failed to make up ground lost yesterday, trading below $31 throughout this morning.
The G7 group of economies reaffirmed their "longstanding commitment to market determined exchange rates" in a joint statement published Tuesday.
"We reaffirm that our fiscal and monetary policies have been and will remain oriented towards meeting our respective domestic objectives using domestic instruments, and that we will not target exchange rates," said the statement attributed to G7 finance ministers and central bank governors.
"We are agreed that excessive volatility and disorderly movements in exchange rates can have adverse implications for economic and financial stability. We will continue to consult closely on exchange markets and cooperate as appropriate."
G7 member Japan last month announced it will implement open-ended quantitative easing next year when its current QE program ends, as part of efforts to raise the inflation rate towards a new 2% target.
Following the start of the financial crisis in 2007, the Yen appreciated against the Dollar from over JPY 120 to just over JPY 75 by August 2011. That month, Japan intervened in the market by selling JPY1 trillion, while the Bank of Japan increased the size of its QE program. The Yen has since fallen against the Dollar to more than JPY 90.
"There is no such thing as a currency war," says former Swiss National Bank chairman Philipp Hildebrand, writing in the Financial Times.
"Central banks are simply doing what they are meant to do and what they have always done. They set monetary policy consistent with their domestic mandates. All that has changed since the crisis is that central banks have had to resort to unconventional measures in an effort to revive wounded economies."
In September 2011, the SNB pegged the Swiss Franc to the Euro at a rate of SFr1.20, saying it was prepared "to buy foreign currency in unlimited quantities" as part of a stated effort to achieve "substantial and sustained weakening" of the Swiss Franc.
The Franc fell against the Euro this morning following comments by current SNB chairman Thomas Jordan, who said he expects the SFr1.20 peg to remain in place and that the Franc will weaken against the Euro.
"Currencies should not be used for commercial purposes," said French president Francois Hollande this morning, one week after calling for a "medium-term exchange rate" target in a speech to the European Parliament last Monday.
The Euro rallied against the Dollar this morning, regaining some of last Thursday's losses. Gold in Euros fell to its lowest level since the start of the month, down 2% on the week at around €39,300 per kilo by lunchtime in London.
Gold in Dollars was down 1.3% on where it started the week, while gold in Sterling was virtually unchanged and gold in Yen was up.
Spain's borrowing costs meantime rose this morning at an auction of one-year government debt, with average yields rising from 1.472% at an auction on January 15 to 1.548% this morning.
Spain's prime minister Mariano Rajoy is due to meet European Central Bank president Mario Draghi later today, before Draghi makes a speech to the Spanish parliament.
UK inflation remained at 2.7% last month, official data published Tuesday show, the 38th month in a row that it has been above the Bank of England's 2% target.
"Inflation is likely to remain well above the 2% target for quite some time," reckons said James Knightley, economist at ING Bank in London, who adds that the Bank if likely to restart its QE program soon "which may continue to weigh on Sterling".
Barclays meantime is to cut 3700 jobs worldwide as part of a strategic review aimed at cutting costs by 1.7 billion pounds, the bank announced Tuesday.
Sumber : Google
23 February 2013
Berita Semasa 23 Febuari 2013 ....
Mongolia releases 2013 design for Endangered Wildlife Series coins
National Bank started to mint the series in 2007 with the Gulo Gulo (Wolverine), which features Swarovski crystals (a luxury brand of Austrian crystals) for eyes and quickly rose in price.
National Bank of Mongolia announced the release of 2013 design, Ovis Ammon, of the popular Mongolian Endangered Wildlife Series coins.
National Bank started to mint the series in 2007 with the Gulo Gulo (Wolverine), which features Swarovski crystals (a luxury brand of Austrian crystals) for eyes and quickly rose in price.
The coins are .999 silver, have a face value of 500-tgrg or tugrik (about a third of a dollar), and include 1 ounce of the old Ag (silver). The finish is a kind of sandblasted antique finish.
The gulo gulo now sells for somewhere between $1500-$3000. With a mintage of 2500, demand is very high on the series, but enough people seem to be interested in arbitrage that a healthy amount of these coins seem to always be for sale.
The Gulo Gulo won Coin of the Year in 2009. With a trademark artistic flair for a smashed-animal face fitting into the whole of the front of the coin, the series was developed by a company named Coin Invest and by all accounts is issued by the National Bank of Mongolia.
There was a two year break and the next minted coin, the Ural Owl was released in 2011. The Owl was the 2013 “Most Popular Coin” winner. 2012 saw the release of the long-eared hedgehog, which quickly sold out.
Prices for the owl jumped to between 800$-1200 since the hedgehog’s release (they were hovering around $400 last year) Now, the 2013 release features the ovis ammon- the massive mountain sheep of central Asia.
The male Ram has a head that hold’s nearly 10% of his bodyweight, and as an herbivore that lives up to 19,000 feet in elevation, it is a natural for the series.
It’s enemies (besides poachers), feature leopards and wolves, but if you’ve seen the snow leopard try to take one down in the BBC Planet Earth series, then you know that they are really only endangered by people.
Since the previous coins have sold out so fast, this issue has been priced higher and the pre-sales have seen the price soar to close to $600 (about twice the hedgehog). For those that collect coins, it’s easy to see why.
There simply aren’t coins this impressive that come along very often. To test the theory, show somebody who doesn’t collect a picture of one of these, and the response usually ranges from awe to laughter.
These are magnificent works of art, and while we wait to see if the hedgehog makes it 3 coins in a row with Coin of the Year honors, the Ovis Ammon (sheep), has come out strong.
Most of the sellers offering pre-sales have sold out, and for those considering them on the secondary market, two things are essential: the ability to avoid sticker price shock, and the fortitude to handle copious envy.
Sumber : Google
22 February 2013
Berita Semasa 22 Febuari 2013 ...
African Barrick to produce 600,000 oz of Gold this year
- The FTSE 250 company reported net profits of $48.2m for 2012, down from $284.7m the year before.
Tanzania's largest gold miner African Barrick Gold PLC said it is aiming to produce between 540,000 and 600,000 troy ounces of gold in 2013 at a total cash cost, including royalties, of between $925 and $975 an ounce.
The company reported a 9% drop in attributable gold output to 626,212 ounces in 2012 at a cash cost of $949 an ounce, broadly in line with its revised lower guidance.
The FTSE 250 company reported net profits of $48.2m for 2012 – down from $284.7m the year before.Revenues fell from $1.2bn to $1.1bn, while the cost of sales rose from $704.1m to $802.7m.
In a statement, the company mainly attributed the fourth quarter loss to impairment charges on its planned closure of the Tulawaka gold mine, which is coming to the end of its life and might ontribute less output this year.
The company reported a net loss despite a 1%-on-year rise in fourth-quarter revenue to $287.9 million and a 0.5% rise in gold volume sales to 159,585 troy ounces.
Earnings before interest, taxes, depreciation and amortization, or Ebitda, a key earnings metric watched by analysts, dropped 34.4% to $75.57 million as cash costs rose 23% on year to $958 a troy ounce.
African Barrick said it is now aiming to produce between 540,000 and 600,000 troy ounces of gold in 2013 at a total cash cost, including royalties, of between $925 and $975 an ounce.
Sumber : Google
21 February 2013
Berita Semasa 21 Febuari 2013 ...
Ghana again denies official involvement in Iran Gold deal
Ghana again denied any involvement in transferring 1.5 tons of gold to Iran.
Ghana again denied any involvement in transferring 1.5 tons of gold to Iran.
A statement by country's Information ministry said preliminary findings from an on-going investigations has absolved the government from playing any role in the transfer of 1.5 tonnes of gold to Iran.
However, the reports said two Ghanaians,operating under the corporate identity of Omanye Gold Mining Ltd were involved in a transaction to supply gold to one Iranian national.
It said the cargo departed Accra on 31st December 2012 with the goods which was destined for Dubai but was detained in Ataturk International Airport in Istanbul, Turkey on 1st January, 2013 because of claims of questionable documentation.
It said investigations are on-going but it is obvious from the preliminary findings that the Government of Ghana was not involved with the transaction as conjectured in sections of the media.
The statement said BNI is still carrying out investigations into the discrepancy in description of the shipment at various times as mineral samples and gold bullion during the export process adding that efforts are being made to trace the Iranian and the interrogation of persons involved in the transaction is still ongoing.
Earlier reports by most media suggested the detention of an aircraft in Istanbul, Turkey, allegedly carrying 1.5 tonnes of gold originating from Ghana.
Following that news Ghana directed that the matter be investigated by the security agencies, and preliminary reports of investigations conducted by the Bureau of National Investigation (BNI), has cleared the involvement of the state in the affair.
Sumber : Google
20 February 2013
Berita Semasa 20 Febuari 2013 ...
Silver to average $33/oz in 2013, $31 in 2014 : HSBC
The bank raised its 2013 average silver price forecast to $33 per ounce from $32 and its 2014 view to $31 from $28 an ounce.
Silver prices to average $33 and $31 respectively for this year and 2014,according to revised forecast by HSBC.
In a note issued here, James Steel, analyst with the major bullion bank said silver price is likely to move higher in 2013 due to higher industrial demand, steady investor appetite for hard assets, strong coin and bar purchases and a bottoming out of jewelry demand.
The bank raised its 2013 average silver price forecast to $33 per ounce from $32 and its 2014 view to $31 from $28 an ounce.
"While silver will be subject to many influences, we believe ongoing accommodative global monetary policies will be the single most important factor in ushering in higher prices," Steel said.
Silver is expected to trade in a wide range of $27-$37 an ounce in 2013, and price rallies may be capped by growing mines, refined scrap supply and a likely reaction by consumers to rising prices, Steel added.
Sumber : Google
19 February 2013
Berita Semasa 19 Febuari 2013 ...
RBM releases new coins for Queen's 60th anniversary
The Royal British Mint has released several products which celebrate the 60th Anniversary of the Coronation of Queen Elizabeth II.
The Royal British Mint has released several products which celebrate the 60th Anniversary of the Coronation of Queen Elizabeth II.
This follows the many Diamond Jubilee products issued last year to celebrate 60 years since the Queen’s accession.
The 2013 60th Anniversary of the Queen’s Coronation 5 pound Coin was released in December 2012. The reverse design features a depiction of the Imperial State Crown, which was worn just after the Coronation ceremony.
An inscription above the crown reads “To Reign and Serve – A Vow Made Good”.The obverse of the coin contains the Ian-Rank Broadley effigy of Queen Elizabeth II with the “2013″ date.
This coin is available in copper-nickel composition in brilliant uncirculated quality, packaged with an illustrated folder. A 22-karat gold proof version is available with a mintage limit of 2,000.
A silver proof version is limited to 15,000 pieces, a gold plated silver proof version is limited to 12,500, and a silver piedfort proof version is limited to 3,250.
The coin is also included in various annual sets. Just announced this month is 2013 The Queen’s Portrait Four Coin Set, available in three different precious metals options .
The obverse designs of the coins feature each of the portraits that the Royal Mint has used for circulation coinage, which were designed by Mary Gillick, Arnold Machin, Raphael Maklouf, and Ian-Rank-Broadley.
A common reverse design features the Royal Arms reimagined by sculptor James Butler. A Gold Proof Four Coin Set will be offered with a limit of 450 sets.
Also available will be a silver proof set limited to 4,800 and a piedfort silver proof set limited to 2,700 sets.
The Royal Mint has a section of their website which showcases products celebrating the 60th Anniversary of the Queen’s Coronation.
Sumber : Google
18 February 2013
Berita Semasa 18 Febuari 2013 ..
Two rival groups intense fight for Sudan Gold mines
Thousands of gold miners have been working in Jebel Amir since last year, and the opposing Arab militias have been eager to seize control of the area so they can levy taxes on the miners.
Two rival groups, the Beni Hussein and the Northern Rezigat have intensified their fight to control Sudan's gold rich Darfur region.
According to latest reports, intense fighting was going on to control the ebel Amir gold mining area.
Thousands of gold miners have been working in Jebel Amir since last year, and the opposing Arab militias have been eager to seize control of the area so they can levy taxes on the miners.
United Nations aid agencies are launching an emergency operation to help the thousands of displaced people in the region.
Rebel groups in the area have lost their political backers in neighboring Chad and Libya, making them pursue new sources of income. Local tribes who once relied on government support now see funds drying up.
Gold mining in the area has started as recently as March of last year. The Beni Hussein, who mostly rely on cattle herding, have controlled the awarding of artisanal mining licenses.
The Beni Hussein community says that government border guards from the Northern Rezigat tribe were behind several attacks seeking to lay claim to the gold-mining area.
Half a million artisan miners have joined a gold rush across Sudan, according to the government, which estimates it made $2.5 billion from gold exports last year.
Sumber : Google
17 February 2013
Berita Semasa 17 Febuari 2013 ...
India Gold ETF's hold 40 tons of Gold
Analysts however said, the 40 tons of ETF gold is only about 10 per cent of the 398 tonnes of gold imported in the April-October 2012 period.
After five years of it's introduction in India, all 14 Gold ETF's together holds a staggering 40 tons of gold.
According to reports, Goldman Sachs Gold ETF leading the pack with 11,218 kg, followed by RShares Gold ETF with nearly 9,800 kg, and Kotak Gold ETF and SBI Gold ETS hold about 4,500 kg each.
Analysts however said, the 40 tons of ETF gold is only about 10 per cent of the 398 tonnes of gold imported in the April-October 2012 period.
The first gold ETF was launched by Benchmark Mutual Fund (now Goldman Sachs) in early 2007 and now there are 14 mutual fund houses present in this segment managing gold assets worth nearly Rs 12,000 crore, as per the data available with industry body Association of Mutual Funds in India (Amfi).
Comparatively, smaller gold ETFs from UTI and HDFC fund houses manage gold weighing less than three tonnes each, individual portfolio for December 2012 shows.
One tonne is equal to 1,000 kg. ETFs allow investors to trade in the metal in non-physical form electronically on stock exchanges, also aim to provide investors returns linked with domestic price of physical gold, but holdings are maintained in demat form.
Recently,India’s central bank the RBI recommended that to gainfully use the gold reserves with Indian ETFs and reduce the demand for gold, a certain part of the total corpus of the fund could be loaned to the permitted categories of bulk gold importers.
It also linked gold ETF schemes offered by mutual funds to gold deposit schemes of banks with a view to increase availability of physical gold in the market.
Sumber : Google
16 February 2013
Berita Semasa 16 Febuari 2013 ..
Minelab new mining division to help small scale Gold miners
The recent discovery of a 5.5kg gold nugget in Ballarat, Australia at 60cms depth by a prospector using a Minelab GPX 5000 hand-held gold detector illustrates the benefit of Minelab’s cutting edge technology.
Adelaide based Minelab, the global leader in gold detection technology and hand-held metal detector devices, has announced the establishment of a Gold Mining division to support artisanal small scale gold miners and prospectors in Tanzania.
The recent discovery of a 5.5kg gold nugget in Ballarat, Australia at 60cms depth by a prospector using a Minelab GPX 5000 hand-held gold detector illustrates the benefit of Minelab’s cutting edge technology in the pursuit of gold.
The Ballarat nugget was valued in excess of $300,000. A statement issued said prospectors across Africa have also tasted success with the GPX5000 gold detector.
Recently a prospector in Mali discovered a 1.2kg gold nugget and in the past few months there were finds in Zimbabwe (1118g), Kenya (550g) and Guinea (276g) using Minelab’s gold detecting technology, it said.
Most small scale gold miners in Tanzania, particularly those working in the Lake Zone, Southern Highlands Zone and in the north eastern area of the country, use traditional methods involving grass and soil identification to detect gold.
Minelab launched its first hand-held gold detector in Australia in 1985 and over the past 28 years has been at the forefront of metal detector design and innovation.
Its new Gold Mining division will provide dedicated support to the worldwide small scale gold mining market and its communities, the statement said.
Sumber : Google
15 February 2013
Berita Semasa 15 Febuari 2013 ...
Silver production gains in Peru, Gold dips
For the January-December 2012 period the total silver production was 3,479 mt or a 1.8% increase from the same period a year earlier.
Silver production in Peru climbed by 1.7 percent during December while Gold and copper output dropped.
Peruvian Mining ministry said silver production in December was 305,443 mt or 1.7% more than in the same month a year earlier while gold production was 12.8 mt, down 9.2 percent.
The decline was led by the country biggest gold mine, Newmont Mining-owned Minera Yanacocha, where production in December was 2.3 mt or a 33% decline from the same month the previous year.
For the full year, production in 2012 was 161.3 mt, or a 2.9% decline from the previous year, the ministry said without citing a specific reason for the annual decline.
Silver production hike was aided by improved output of 41.5 mt at Cia. de Minas Buenaventura, the leading precious metals local miner, which is 13.6% of the monthly total.
For the January-December 2012 period the total silver production was 3,479 mt or a 1.8% increase from the same period a year earlier.
Production of copper by all companies operating in Peru fell in December to 120,498 mt, down 1.8% than the same month of 2012.
But, copper production for January-December 2012 period was 1,298,564 mt or 5.1% more than in the previous year, the ministry said without giving a reason for the variation.
Sumber : Google
14 February 2013
Berita Semasa 14 Febuari 2013 ...
Gold buyers' lack of enthusiasm hits Burma markets
Burma gold prices averaged 762.750 kyats per tical since February, down from 767,500 Kyats per tical in January.
Gold markets across Burma suffered from lack of enthusiasm shown by gold buyers despite lower prices, ahead of Chinese New Year holidays.
Gold dealers in the capital said price of gold has not risen as expected between January 31 and February 2 as there seems to be more gold in the market.
Burma gold prices averaged 762.750 kyats per tical since February, down from 767,500 Kyats per tical in January.
Analysts said big-hand buyers in Burma are taking a break in the market ahead of the Chinese New Year holidays.
They added that the wedding season demand is almost over. Burmese wedding season starts in October and continue till March.
They added that the lack of interest for gold during this season is surprising considering the fact that Burmese banking system is yet to fully develop and people continued to distrust of Burmese banks.
Earlier during the military rule, Burmese people usually tend to stock up gold to preserve their wealth.
Sumber : Google
13 February 2013
Berita Semasa 13 Febuari 2013 ...
China one more step closer to Gold ETF launch
China will open up to the global gold market, increasing its impact and attracting more foreign banks to get involved in China's domestic market,they said.
Opening further it's huge domestic gold market to global community, China announced provisional rules and regulations for the operation of gold ETF's.
China Securities Regulatory Commission, or CSRC however didn't set any specific timetable for the listing of gold ETFs.
Analysts said authorities need to thoroughly study how to regulate gold ETFs traded on stock exchanges that track the price of gold and have most of their assets invested in gold.
They added that these moves are part of government efforts to boost the development of both the gold market and the capital market and aimed to protect investors' interests in such new products.
China will open up to the global gold market, increasing its impact and attracting more foreign banks to get involved in China's domestic market,they said.
Gold ETFs are operated in most of the world's major financial markets, with a combined asset scale of more than $140 billion as of the end of July 2012, according to a CSRC statement.
China's rapidly growing gold market has created conditions for the development of gold ETFs, said the statement.
China is the world's biggest gold producer and consumer, with its gold output reaching 360.96 metric tons in 2011, according to the China Gold Association.
The value of gold product transactions surged 53.45 percent year-on-year to 2.48 trillion yuan ($395 billion) at the Shanghai Gold Exchange, the country's major gold bourse, in 2011, the association said.
Sumber : Google
12 February 2013
Berita Semasa 12 Febuari 2013 ...
Gold steadies on brighter economic outlook
Analysts said the precious yellow metal is still struggling to break the $1700 mark as a brighter global economic outlook dampened it's appeal a safe haven.
Spot gold remained steadied in Asian trade Monday while US gold edged up as investors remained on the sidelines.
Gold for immediate delivery was seen trading at $1658.74 an ounce at 12.00 noon Singapore time while US gold for February delivery was seen at $1658.31 an ounce on the comex division of nymex.
Analysts said the precious yellow metal is still struggling to break the $1700 mark as a brighter global economic outlook dampened it's appeal a safe haven.
The yellow metal dropped to a two-week low of $1,655.39 last week and fall further to $1,647 during the day, they added.
Investors will closely watch the Federal Reserve's policy meeting this week as well as a string of data on employment, economic growth and consumption, to gauge the pace of recovery in the world's largest economy.
Meanwhile, physical buying ticked up in Asia, but was lackluster compared to the past few years when buying typically surged ahead of the Lunar New Year festival.
Gold settled lower on Friday, suffering a loss of 1.8% for the week.
February gold fell $13.30, or 0.8%, to settle at $1,656.60 an ounce on the Comex division of the New York Mercantile Exchange. March silver settled at $31.21 an ounce, down 52 cents, or 1.6%, to lose 2.3% for the week.
Sumber : Google
11 February 2013
PUBLIC GOLD PRICE ...
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posted from Bloggeroid
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posted from Bloggeroid
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posted from Bloggeroid
Berita Semasa 11 Febuari 2013 ...
Russia,Kazakhstan add while Iraq cuts Gold holdings
Philippines gold reserves fell 1 percent in November from October while Mexico's holdings were down 0.1 percent in December to 4.004 million ounces.
Russia and Kazakhstan are among nations that boost gold reserves during the last two months of 2012 while Iraq cut it’s holdings by 25 percent.
According to International Monetary Fund (IMF) Iraq has cut its gold holdings by a quarter to 29.9 tonnes in November.
The IMF in it's monthly statistics report said Russia added 19.9 tonnes to raise its gold reserves to 957.8 tonnes (30.793 million ounces, propelling the country up two places to sixth in the world gold-holding rankings.
Russia has world’s 6th largest gold holding. IMF has revised Iraq’s additions in September and October.
Kazakhstan gold reserves rose 1.7 percent in December to 3.707 million ounces while Turkey raised its hoard by 45.6 tonnes to 359.6 tonnes.
In November, South Korea upped its gold holdings by 13.9 tonnes to 84.4 tonnes.
Philippines gold reserves fell 1 percent in November from October while Mexico’s holdings were down 0.1 percent in December to 4.004 million ounces.
Sumber : Google
10 February 2013
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