India's Finance Minister P Chidambaram has appealed to the people, once again, to moderate their demand for gold. While insisting that the government would not rule out a complete ban on gold imports, as has been discussed in some quarters, he pointed out the precious metal has cost the nation $50 billion in foreign exchange.
China is set to overtake India as the precious metal’s biggest consumer, following the many restrictions plaguing Indian consumers.
India, the biggest consumer of gold bullion, is witnessing over-the-top demand—to the point where the government is trying to curb demand.
Ecuadorean lawmakers vote this week on reforms to the country’s mining law, which aim to pave the way for large-scale mining in the Andean nation, eager to attract investment to reduce the economy’s dependence on oil exports. Ecuador does not currently have a large-scale resource industry, but the country is largely unexplored and could potentially have big copper, gold and silver deposits.
Foreign currency reserves are accounts, mainly held by central banks, composed of foreign currency, foreign government securities, and other foreign currency assets. When it comes to the Federal Reserve’s “exit strategy” for its current $85 billion-a-month diet of mortgage-backed securities (MBS) and US Treasuries, not to mention its previous $2.7 trillion-worth of US Treasury purchases, there can be no exit strategy. And it will be the same with the foreign currency interventions: there will be no exit. The only real exit strategy for any central bank is to switch its foreign currency reserves – which are fiat paper dollars – into real reserves: gold.
Momentum is continuing to build in gold bullion purchases as supply shortages and high premiums on physical metal are being reported all around the world.
Central banks went on the biggest spending spree in 50 years, buying the most gold since 1964 last year. Their high stockpiles of devalued metal probably makes them the biggest losers of the gold slump.
Since last Monday, US gold coins have been flying off dealers' shelves as retail investors snap up bargains after bullion's historic price plunge. Supplies of the US Mint's smallest American Eagle gold coin dried up after demand surged following the biggest drop in futures in three decades. Sales of the coins, which are about the size of a five cent coin and weigh a tenth of an ounce (3.4 grams), were suspended after demand more than doubled, the Mint said. Total sales of American Eagles in April have almost tripled, according to its website.
Scientists have long known that veins of gold are formed by mineral deposition from hot fluids flowing through cracks deep in Earth’s crust. But a study has found that the process can occur almost instantaneously — possibly within a few tenths of a second.
April 1, 2013 (TSR-AFP) - Abu Salem used to sell lunchtime sandwiches to office workers in Syria's commercial capital. Since a rebel offensive turned Aleppo into a warzone last...
by Lawrence Williams, Mineweb Mar. 25, 2013 (TSR-Mineweb) - A new study from research and data provider IntierraRMG has pointed to a disturbing trend in terms of a decline in...