Aluminium
New high for platinum on mine closures
by Elaine Frei
Both platinum and gold hit new highs Friday.
April platinum was $67.10 higher to $1,680.10 per troy ounce shortly before the close of floor trade in New York for the second record-breaking day in a row as South African mines were forced to shut after a state utility could not guarantee its ability to provide sufficient […]
Platinum touches new record high price
by Elaine Frei
The price of platinum soared to a new record on Thursday in New York when it touched $1,617.90 per troy ounce, a gain of $58.80, on demand from investors as opposed to buyers who use the metal in manufacturing.
Platinum is used in jewelry and also in the manufacture of pollution-control devices for motor vehicles.
Gold was […]
Gold, silver see declines
by Elaine Frei
Gold prices fell in New York Wednesday on concerns that demand will decline as investors worried that Tuesday’s move by the US Federal Reserve to cut interest rates won’t be enough to moderate economic declines.
Another day of falling equities markets in Europe and the United States added to their apprehension, but there was some speculation […]
Gold sees gains as silver, platinum decline
by Elaine Frei
Gold prices were up in New York on Tuesday as the dollar fell in relation to the euro after the Federal Reserved issued a surprise cut in US interest rates, but other precious metals declined on the session.
February gold added $8.60 to $890.30 per troy ounce after going as low as $849.50 earlier, while gold […]
Consolidation trends gather pace
by Gill Montia
Citigroup is predicting that consolidation trends in the mining sector will gather pace this year.
Mining and metals analysts at the bank estimate that there are potential resources of over Cdn $300 billion for mining mergers and acquisitions, and have named Xstrata, Teck Cominco, Oxiana, Newcrest, Vale and Kazakhmys as the companies most likely to make […]
Precious, base metals prices down in London
by Elaine Frei
With floor trade in New York closed due to observance of the Martin Luther King Day holiday in the United States, precious metals were lower in London on Monday as the US dollar strengthened.
At 5 p.m. in London, gold was $19.93 lower to $863.24 per troy ounce, while silver for immediate delivery was 58 cents […]
Zimbabwe in jeopardy of losing LBMA membership
by Gill Montia
Zimbabwe is at risk of losing its membership to the London Bullion Market Association (LBMA), which gives the country access to the international gold market.
Output in Zimbabwe is falling, and Fidelity Printers and Refiners, the sole buyer of all gold produced in the country, is due for assessment by the Association during 2009.
To qualify […]
Jewellery sector cuts back on gold
by Gill Montia
The World Gold Council has reported that demand for gold from the jewellery sector decreased in the fourth-quarter of 2007.
In its latest Gold Investment Digest, the council states that the ongoing turmoil in the global financial markets has most probably “hampered” demand.
Poor sales have been reported from India’s major gold jewellery buying event, the Diwali […]
Precious metals mixed; copper gains on inventories
by Elaine Frei
Metals prices were mixed again on Friday.
Gold and silver both saw gains in New York on the possibility that a recession in the United States could benefit demand.
February gold was up $1.20 to $881.70 per troy ounce near the close of floor trade on the Comex division of the New York Mercantile Exchange, while March […]
ENOR chief accused of dumping cyanide
by Gill Montia
A former regional director of the Algerian stated-owned Enterprise d’Exploitation des Mines d’Or (ENOR) has disclosed that a very large quantity of cyanide, which is used in the separation of gold from rocks, has been dumped in Tamanrasset, in southern Algeria.
The director, Adila Kaouas, has pointed out that the lethal nature of cyanide poses a […]
Metals prices mixed on day
by Elaine Frei
Precious metals prices were mixed in New York on Thursday as gold weakened after US Federal Reserve Chairman Ben Bernanke said in testimony before Congress that he supports the idea of a stimulus package to shore up the US economy.
At shortly before the close of floor trade in New York, February gold was $1 lower […]
India turns from gold to equities
by Gill Montia
While the gold price reached a record $914 oz this week, Indian investors are turning to gold equities rather than the physical metal.
The nation currently buys a third of the world’s gold output but today even some of the country’s bullion dealers are selling the metal in favour of stock market gains.
The trend seems to […]
Most metals prices decline on session
by Elaine Frei
Precious metals prices nosedived on Wednesday as the US dollar strengthened in relation to the euro and on demand worries after the International Energy Agency reduced its forecast for oil demand for this year, citing reduced demand in the US due to a weakening economy.
February gold dropped $21.10 to $881.50 per troy ounce in New […]
Rio achieves record tonnages
by Gill Montia
Rio Tinto mined record tonnages of copper and other industrial minerals in 2007.
The greatest increase was in aluminium output, partly as a result of the group’s acquisition of Alcan in November of last year.
Record levels were also set in gold and refined copper and analysts expect the group to meet profit forecasts of around $7 […]
Gold prices fall slightly
by Elaine Frei
The price of gold was lower in New York on Tuesday as the dollar made gains in relation to the euro and the price of oil declined, but not before setting another record when it hit $916.10 per troy ounce.
By the close of floor traded in New York, February gold was down 90 cents to […]
Copper lower on data
by Elaine Frei
Copper prices were lower Tuesday as retail sales data from the US Commerce Department renewed concerns that the US is either already in or is heading for a recession.
A recession in the US, which uses about 15 percent of the copper produced in the world would likely hurt demand for the metal.
March copper dropped 10 […]
Eldorado hails success despite Turkish court case
by Gill Montia
Eldorado Gold, the gold mining company with a presence in Turkey, China and Brazil, has issued a trading update.
The statement covers the company’s 2007 operating results and its anticipated 2008 production.
Kisladag Mine in Turkey produced 135,306 oz at a cash cost of $189 oz. Operations ceased in mid-August 2007 following a Turkish court order requiring […]
Allegiance upgrades Avebury nickel resource
by Gill Montia
Allegiance Mining Ltd, the Australian nickel start-up, has reported that its mine holds around 10% more nickel than previously estimated.
New exploration work has been carried out at the Avebury project in Tasmania and the resource has been upgraded from 14,000 tonnes to 172,000 tonnes.
Production at the mine is expected to begin in the first-quarter of […]
Gold jumps to $915.90 before retreating
by Elaine Frei
Gold hit yet another new record high on Monday after the US dollar weakened again versus the euro, dropping within sight of its record low against the shared currency.
Futures were as high as $915.90 per troy ounce, while spot gold rose to $914 per troy ounce.
At near the close of floor trade in New York, […]
Base metals follow precious metals higher
by Elaine Frei
Base metals prices were higher on Monday after gold prices soared again on a US dollar that weakened again in relation to all major currencies.
The decline in the dollar made metals a more attractive for buyers who use other currencies.
However, concerns still continued that an declines in the US economy could affect the global economy […]