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For over a decade, gold bulls lambasted the gold mining companies that were hedging their production. But, while gold prices were falling, the mining companies ignored the complaints. Barrick Gold Corp even bragged that it was not a mining company but a “financial house.” Now, they’re singing a different tune. A resouceinvestor.com article discusses Barrick’s
In June, the Swiss announced they would be selling 250 tons of gold over the next two years. A few weeks earlier, the European Central Bank disclosed that it had sold gold. (See the June 14 and June 5 blog posts.) Now, the Italian Parliament has issued a resolution calling for the Bank of Italy,
With Friday’s announcement that it has developed an emission control catalyst that could cut in half the PGM loadings for gasoline-fueled cars, Nissan Motor Company has roiled the PGMs markets. Platinum dropped $43, while palladium dropped only $4. Investors should expect more fireworks as the market evaluates the impact of Nissan’s new catalytic converter. At
By now probably everyone reading this has seen the news about the mid-air news helicopters collision that occurred in Phoenix today about 12:50 pm MST. The copters collided about a half-mile north of our offices, which are only stories below the height at which the collision occurred. We’re on the 14th floor. Several of our
Amazing! The Dow plummets 311 points (down 450 points at the day’s low) on continued bad news out of the housing sector, and gold falls $10.50, on top of yesterday’s $10.70 drop. Also blamed for the Dow’s decline: renewed concerns about the credit markets. Yesterday, Chrysler and Alliance Boots Plc failed to find buyers for
Rumblings of a strike in the South African mines are starting to circulate, and with them come expectations of higher gold prices. After all, South Africa is more identified with gold production than any other country. However, would a South African strike affect the price of gold as much as many gold bulls expect? And,
When will gold go ballistic? asks Ambrose Evans-Pritchard in his blog for the UK’s Telegraph website. Then he answers his own question: Gold will fly once investors can see that neither of the two reserve currency pillars (euro and dollar) is on a sound foundation, and once the pair are engaged in a beggar-thy-neighbour devaluation
“Support for gold as an investment continues to gain momentum, with an increasing number of announcements of purchases by non-Western governments,” says analysts for Canada’s Haywood Securities. The analysts expect world gold production to decline this year while EFT gold-holdings could top 21 million ounces. As for silver, the analysts expect that a “positive mix
Gary North posted an excellent treatise on money and central banking on lewrockwell.com. It’s an important read because it furthers knowledge about money and central banking, subjects that most college graduates know little about because the topics have not been taught in most American universities for decades, perhaps now nearly a century. If you do
My latest article on CMIGS’ Articles Page discusses rumors and the possibilities of Asian central banks diversifying their reserve holdings. Shortly, after the article was posted, I discovered the same topic being discussed in a mineweb.com article, which notes that Qatar, a small Persian Gulf emirate, increased its gold reserves 15 fold in the last
