Aluminium
Gold outlook positive despite high sales
by Gill Montia
Central Bank Gold Agreement (CBGA) figures show that signatories sold a total of 67 tonnes of gold during July.
The major sellers are reported to be Swiss Central Bank (34.1 tonnes) and Spanish Central Bank (25 tonnes); the remaining 8 tonnes having arised from smaller sales by other unspecified Central Banks.
The July sales by Swiss Central [...]
Gold drops 30 cents, silver down 23 cents in New York
by Elaine Frei
Metals prices were mixed again Tuesday.
Among precious metals, December gold was 30 cents lower to $666.20 per troy ounce in New York and December silver dropped 23 cents to $11.67 per troy ounce as the dollar made back early losses on the euro.
On the other hand, October platinum added $4.00 to $1,251.40 per troy ounce [...]
Gold to benefit from stock market uncertainty
by Gill Montia
BMO Global, the investment fund manager, is predicting that the recent market turbulence caused by the US sub-prime mortgage crisis could ultimately increase the price of gold.
Whilst the European central banks and the Federal Reserve have put money into the markets to prevent a crash, BMO believes that this has not altogether eased the concerns [...]
Base metals mixed
by Elaine Frei
Base metals prices were mixed on Monday after declines last week.
December copper added 2 cents to $3.16 per pound in New York on the session, while it added 0.9 percent to $7,025 per tonne in London.
The gains came as analysts said that last week’s move by the US federal reserve to cut its discount rate [...]
Gold, silver slide on session
by Elaine Frei
Precious metals prices were mixed on Monday.
Gold and silver both saw declines on the possibility that the US economy will slow, sending demand for precious metals lower.
December gold dropped 30 cents in New York to $666.50 per troy ounce after going as much as 0.6 percent higher and 0.7 percent lower during the session.
September silver [...]
Uganda to revive copper industry
by Gill Montia
Kilembe Mines Ltd (KML), the Ugandan state-owned copper mining company, has reported interest from a number of international companies that are exploring the idea of reviving the country’s copper industry.
The approaches are no surprise, given the current surge in copper prices on the world market and KML is currently in the process of preparing [...]
Metals prices down on week
by Elaine Frei
Metals prices were higher on Friday but ended the week lower as the US Federal Reserve moved to cut the discount rate, the interest rate that governs direct loans by the Fed to banks and said that it would take further action to steady the markets if necessary.
The day’s gains came after commodities saw their [...]
Market turbulence affects prices and projects
by Gill Montia
Metal prices have been adversely affected by recent stock market turbulence, with the prices of most metals, including gold and silver, down because of the crisis in the US sub-prime mortgage lending sector.
The knock-on effects of the turbulence in the debt markets have yet to be assessed and while there is as yet little evidence [...]
Copper drops 23 cents per pound in New York
by Elaine Frei
Base metals prices dropped substantially on Thursday as investors were not willing to take on any risk in the wake of falling equities markets and continuing worries about the global economy.
December copper in New York was down 23.1 cents, or 7 percent, to $3.091 per pound, its biggest percentage decline since the beginning of January, [...]
Investors sell precious metals, prices drop
by Elaine Frei
Prices of precious metals plummeted on Thursday as investors were forced to sell their metals in order to raise cash amid falling equities markets and a growing credit crisis.
December gold dropped $21.70 in New York to $658 per troy ounce, its biggest one-day percentage loss since the beginning of October 2006.
September silver prices fell $1.06 [...]
ScotiaMocatta on gold and silver
by Gill Montia
ScotiaMocatta, the Canadian bullion bankers, has issued its latest monthly analysis in which it concludes that investors’ confidence in gold has been unnerved by an erratic performance.
According to Scotia, gold’s performance has not been good so far this year, given that prices have only risen 4%.
However, the bank concludes that with a seasonally strong period [...]
Gold ends even in New York
by Elaine Frei
Metals prices were mostly lower on Wednesday, with the exception of December gold, which traded even at $679.70 per troy ounce in New York.
September silver was down 19 cents to $12.56 per troy ounce, while October platinum fell $5.50 to trade at $1,271.50 per troy ounce.
Among base metals, December copper was 4 cents lower to [...]
South African gold miners lose stock value
by Gill Montia
The nine exclusive members of the global Tier I gold producer club have seen stock prices fall by an average 20% from 12-month highs.
The major losses have been sustained by three South African mining companies: Harmony, Gold Fields and AngloGold Ashanti.
Harmony’s stock has fallen by 43% from its 12-month high and Gold Fields has lost [...]
Metals prices fall on economy concerns
by Elaine Frei
Metals prices were lower on Tuesday after the US dollar gained ground on the euro as the European Central Bank injected money into the banking system for the fourth session in a row.
December gold was $1.20 lower to $678.70 per troy ounce in New York as analysts said that the market for the precious metal [...]
Moto Goldmines waits on DRC Government review
by Gill Montia
Moto Goldmines Ltd (MGL), the gold exploration and development company with operations in the Democratic Republic of Congo (DRC), is still awaiting the outcome of a review of mining contracts announced by the government of the DRC, in April of this year.
The DRC’s minister of mines has appointed a commission to review over 60 mining [...]
LME copper inventories decline
by Elaine Frei
Base metals prices were mostly higher Monday.
September copper added 8.15 cents in New York to $3.41 per pound, while the London price was 1.5 percent higher to $7,559 per tonne as London Metal Exchange inventories were lower and as equities markets began to make gains, lessening concerns that economic growth declines could mean lower demand.
Other [...]
Gold down 70 cents
by Elaine Frei
Precious metals prices were mixed on Monday.
Among precious metals, December gold dropped 70 cents on the session to $680.90 per troy ounce in New York trade, while September silver was 2 cents lower to $12.86 per troy ounce.
October platinum, on the other hand, was $7.80 higher to $1,287.10 per troy ounce in New York.
September palladium [...]
South Korea plans worldwide mine development
by Gill Montia
Korea Resources Corporation (KORES) is launching a $279.1 million fund in October of this year, to invest in a nickel mine in Madagascar.
The move is the first by the Korean company in support of the country’s plans to develop mines worldwide.
The fund will be managed by UBS Hana Asset Management Company Ltd, which is majority [...]
Gold higher, seen as safe haven
by Elaine Frei
Prices on most precious metals were higher on Friday as investors looked for safe places to put their money as the news didn’t seem to get any better concerning the chaos in the US subprime mortgage market.
As equities markets dropped all over the world, December gold added $8.80 in New York to $681.60 per troy [...]
Agnico-Eagle approves Mexican gold mine
by Gill Montia
Agnico-Eagle Mines, the Canadian gold miner, is to proceed with the building of a mine at its Pinos Altos gold project, in northern Mexico.
Recent drilling at the site shows that gold ounces in reserves have increased 21%. (This increase compares with the figure released in February of this year.)
In addition, the silver ounces in the [...]