New figures have revealed that Indian gold imports surged by 72 per cent between August and September as a result of higher demand ahead of the festival season.
According to the Bombay Bullion Association, imports rose from 21.8 tonnes in August to 37.5 tonnes last month, the Economic Times reports.
The news feeds on this site are independently provided by Adfero Limited © and do not represent the views or opinions of the World Gold Council.

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South Africa needed to apply its mind to solving the electricity price issue to avoid widespread knock-on effects that would seriously stunt economic growth and spark a new round of wage demands, Harmony Gold CEO Graham Briggs said on Friday.

The head of South Africa’s third-largest gold-mining company said that increasing the electricity tariffs by 45% a year over three years would cause prices of other commodities to be increased across a broad front and spur a new round of wage demands.

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Canadian gold-miners Barrick Gold and Kinross Gold have completed a draft feasibility study on their Cerro Casale project, in Chile, but there is still some work to be done to improve the economics of the project, Barrick CEO Aaron Regent said on Thursday.

“We intend to spend the next few months reviewing various options to further optimise the project,” Regent said on a conference call.

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The group said the decision was taken after seeing signs of economic recovery and a decrease in its debt levels

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The pride of Canadian coinage is the Maple Leaf gold bullion coin. The Royal Canadian Mint (RCM) proudly produces these strikingly beautiful, one-ounce 24-Karat gold coins, and the Ottawa-based refinery and mint was the first in the world to offer 24-Karat bullion to the world in 1979. It wasn’t until 1982 however, that these modern bullion coins were massed produced. Before Maple Leaf gold bullion arrived on the scene, 22-Karat South African Krugerrands were the only available gold bullion in the world, and they weren’t immediately globally popular largely because U.S. citizens were forbidden to own gold during the early 70’s. South African’s own inhumane practice of apartheid was another major inhibitor of the Krugerrands’ initial global acceptance, while Canada’s ongoing legacy of robust, friendly ideals helps to promote the 24-Karat, iconic coin.

Maple Leaf gold bullion coins’ obverse design is one of Canada’s most recognized symbols, as well as the coin’s namesake. The design is the work of the RCM’s master engraver, Walter Ott, and artist, Arnold Machin created the reverse design, which portrays the profiled image of Her Majesty, Queen Elizabeth II, facing to the right. These 1-ounce coins are also minted in varying, smaller denominations like ½-ounce, ¼-ounce, and 1/10-ounces, to fit a wider range of budgets. Gold investment is the current economic trend, as spot prices continue to rise, while U.S. dollar values continue to flirt with ambiguity. Investors are encouraged to evaluate their finances, and then to contact one of our friendly specialists, who offer institutional discounts to household investors like you.

Danny Burns

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Black-empowered investment group Tamela Holdings has bought a 26% stake in engineering contracting company Roymec in a black economic-empowerment deal funded by Investec Bank.

Vusi Mahlangu and Sydney Mhlarhi, the founding management of listed mezzanine financing group, Makalani Holdings, also managed Tamela and would join Roymec’s board of directors.

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Fun(d) and Games

Good Day,

Dollar weakness was manifest once gain as the new trading week got underway, with the US currency recording a fresh 14-month low against the euro overnight. The greenback also slipped on the trade-weighted index, losing 0.13 to 75.31 at last check. This morning’s macroeconomic news reveals a mixed bag of confidence, one that is dependent on geography.

German consumer sentiment slipped for the first time in more than a year, as locals worry about continuing job losses. Over in the UK, in the midst of a rather nasty economic picture, business confidence levels rose to an 18-month high based on the latest survey.

New York spot bullion trading got off to a start slightly in the negative column for gold. The yellow metal fell $1.40 at the start of the session, quoted at $1053.40 an ounce, as against the aforementioned drop in the dollar index, and its small decline consisted of  about an 80-cent gain on dollar weakness-induced gain versus about $2.20 worth of declines on market-based selling. Thus, the net starting price outcome on the day.

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Read the rest of Gold, Silver, Metal Prices: Commentary – 10/26/2009 (1,471 words)

One of the great benefits of investing in gold is that it typically functions as a safe haven for investors in times of economic turmoil. During the current economic instability, gold has risen to record high prices as one would expect. Some people will keep hold of their gold stocks until the peak of the instability then try to sell it off when gold prices reach their highest. But other people who struggle during tough times have another option: selling gold jewelry or other gold items to get cash to get through the hardships. You can easily sell gold bullion coins and bars to a bullion dealer, but how do you go about selling gold jewelry?

Selling your gold jewelry is not a difficult task. You can find various companies either online or around your area that will offer you cash for your gold items and make the process quite simple for you. The gold buyers are looking to get their hands on as much gold as possible, so they can profit from prices that will likely rise even higher over the longterm, and profit from some price spreads or transaction fees. But their businesses are usually legitimite and you will get a fair amount of cash for your gold.

A well-known example of such a company is Cash4Gold. They are a mail-in gold refinery, meaning that they will buy your gold items and melt them down. Cash4Gold is a good option for people who own old or broken gold jewelry or other items that are no longer attractive or desirable to wear. If you wish to sell newer and more attractive-looking gold jewerly, you will likely receive more money by selling your items to a local jeweler in your area, or to a pawn shop. That is because gold jewelry is sold at a premium price that can be much higher than the value of the item’s metal alone. The premium price covers things like quality of design and craftsmanship. But a refinery like Cash4Gold will simply melt down your items, so they don’t care if your items are resaleable or not. They will simply pay you a price based on the official spot price of your jewelry’s constituent metal (plus they will charge a transaction fee of some sort).

The things you should know about your gold before selling it are its karatage (which should be printed somewhere on the item, its weight in gold, and if possible also its resale value, so you can know whether to sell to a refinery or to a pawn shop or jeweler instead. Getting your item appraised by a reputable dealer might be a good idea. You should also be aware of the terms of your agreement with the buyer of your gold. If you have intentions to buy your item back, you should be sure to check how much time you have to do so, and the specific terms surrounding the buyback. When you are dealing with valuable items that might have special meaning to you, the last thing you want is any kind of disappointing surprise that deprives you of your cherished item.

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A Turkey for Turkey, The UK Lays an Economic Egg, and Russia Sells…Gold?!

Good Day,

Gold prices continued to remain ‘in the zone’ (the $1040-$1070 zone, that is) overnight, with little in the way of fresh market-impactful news making their way into the media stream. The US dollar remained at or very near the 1.50 pivotal level against the euro, but climbed away from the 75-mark on the trade-weighted index. Oil prices hovered just above $81.25 per barrel, while a lackluster session in the Nikkei ended with tiny gains.

New York spot metals dealings opened on a mixed note this morning, as pre-weekend book-squaring and dollar gains made for a bit more than the recently witnessed –and practically daily-one-way fund buying spree. Gold started the Friday session at $1060.00 exactly, basis spot bid, a gain of $0.20 per ounce, as against a tick at the 75.29 level by the dollar on the index. Today’s ‘to watch’ agenda contains US existing home sales data, and a Bernanke speech in Boston. Also keep an eye on closing levels – this is now the fourth week of potential gains before the tally is over.

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Read the rest of Gold, Silver, Metal Prices: Commentary (10/23/2009) (2,143 words)

Spot Silver prices opened this week at $17.48. Silver reached a high of $17.97 on Friday, October 23rd. The low for silver occurred on Thursday, October 22nd at $17.38. Silver ended the week up $0.23 at $17.71. This week, investors concentrated on 2009 1 oz. Silver American Eagles, 2010 1 oz. Canadian Silver Maple Leafs and 1 oz. Sunshine Minting Silver Rounds.

Platinum:

Spot Palladium prices opened this week at $331.00, and ended the week up $7.00 at $338.00. 2009 1 oz. Palladium Maple Leafs, 1 oz. Pamp Suisse Palladium Bars and 10 oz. Pamp Suisse Palladium Bars are consistently popular palladium items.