Bolivian peasants on Friday intensified their protest against the San Cristobal mine owned by Japan’s Sumitomo Corp. (8053.T: Quote), the reversal of containers filled with ore, and saying they would keep blocking a key railway line until their demands are met. The demonstrators started Monday blockaded the railway line, which allows the large San Cristobal silver-lead-zinc ore from mine to export to foreign markets through neighboring Chile. Read more
The world’s largest gold-backed exchange-traded fund, SPDR Gold Trust (GLD.P: Quote) said
its holdings slipped to 2.7 from 1318.915 tons 1319.219 on July 1. The companies hit a record 1320.436
ton on June 29. For more information about the gold holdings of the ETFs listed in New
York and co-listed on other exchanges, click: (more…)
Gold rallied 2 percent to a new high above $ 1,820 an ounce on Thursday after the U.S. point to a stalled economy, while the renewed concerns over the health of European banks in additional safe haven buying.
Bullion fourth consecutive daily rise came after news that factory activity in the U.S. Mid-Atlantic region plummeted and existing home sales unexpectedly declined. Shares and other investors dumped risky assets for the perceived safety of gold and U.S. Treasuries. The Dow Jones industrial stock average dropped 5 percent and crude oil plunged 7 percent. Precious metal is headed for the seventh consecutive week to get. (more…)
Prices for precious metals prices mixed amid opened this morning, reflecting on-going uncertainty and unease in all markets in the wake of Japan’s emerging nuclear crisis. Gold operations had a difficult start, despite a substantial slide in the U.S. dollar trade-weighted index overnight.
The fact that gold was worth just $ 1,400 to level at a given moment that this epic crisis events, it would be expected to challenging targets to maintain full price $ 100 higher, not too much good for the bulls. At present it seems that the ebb and flow of the equity markets is the dominant price-fixing agent for precious metals and other commodities. The U.S. dollar movements seem to have taken a backseat in this respect.
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