China go for gold again

April 28, 2015 at 10:33


China’s gold consumption showed signs of recovering in the first three months this year after plunging in 2014, as relatively low bullion prices attract Asian interest, especially in gold jewelry. Demand in the first quarter rose 1.1% compared with a year earlier to 326.68 metric tons, China Gold Association president Song Xin said Tuesday. China is likely to maintain this trend in demand growth for the rest of this year, Mr. Song said at an industry conference. The increase is a turnaround from a 25% decline in China’s gold demand in 2014, when a combination of Beijing’s antigraft policies, a weakening economy and a record surge in gold consumption the preceding...

World's 'biggest pawnbroker' removes uncertainty

April 28, 2015 at 10:30


Gold surged above $1,200 an ounce in its best day since January, amid market intrigue surrounding a deal between Venezuela and Citigroup to swap $1 billion in cash for part of the country's gold reserves. The swap, reported last week, provides cash to President Nicolas Maduro's socialist government as the country reels from a steep drop in oil revenue. it was confirmed on Friday that the Venezuelan central bank was expected to have provided 1.4 million ounces of gold in exchange for the cash, and the country would have to pay interest on the funds. "He had to pawn their gold. That's what they've done. They can buy it back. They have rights of first refusal," s...

How to turn your Apple Watch gold

April 27, 2015 at 10:43


  Even the cheapest Apple Watch is hardly the type of bargain that you snap up without a moment's thought. However, that's still a drop in the ocean compared to the top end, 18-carat gold encased version, which is yours to own for a whopping £13,500 ($20,000), in the U.K. For those who wince at such expenditure, a video that is going viral online suggests a cunning, DIY approach to owning the bling without handing over the bucks. In the clip, which you can see above, YouTube user Casey buys the cheapest Apple Watch, neatly covers the face with a heavy masking tape, and then spray paints the whole thing gold. On...

Mitsubishi sees silver at $10 per oz!!

April 27, 2015 at 10:37


The latest gold and silver price forecast report released by Mitsubishi Materials Corporation- one of the world’s largest materials companies warns that the sell-off in gold is likely to continue amid expectations surrounding a possible US interest rate hike. Meantime, spot Silver prices could drop to as low as $10 per Oz, hitting multi-year lows. According to Mitsubishi, investors should brace themselves for another round of decline in gold prices, before any consolidation and recovery can happen. The probabilities of relatively strong dollar and expectations regarding US Fed announcing interest rate hike later this year suggests that macro-related sell-off in gold is...

South African gold mine strikes loom again

April 24, 2015 at 11:42


South Africa's National Union of Mineworkers (NUM) is planning to submit demands to the gold sector next week calling for a 75-percent hike in the basic pay for entry-level workers, according to union sources familiar with the matter. "For the basic wage at the entry level, we are planning to demand a raise to 10,000 rand ($823) a month in the first year from 5,700 rand at present," said one NUM source, who asked not to be named. This was confirmed by a second source in the union. That would set the stage for tough negotiations and a potentially protracted dispute with companies in South Africa's gold sector, where profit margins are under pressure. The basic wag...

Gold Darth Vader

April 24, 2015 at 11:38


The Dark Side of the Force? Oh no. This is the bling side. Tokyo’s Ginza Tanaka has covered a Darth Vader helmet in gold, the jeweler won’t divulge how much it cost to create this glittery Vader and isn’t offering the mask for sale. Instead, the gold-plated Darth Vader helmet will be given to Disney, because Disney doesn’t have enough money. You can purchase a golden commemorative coins, with the smaller five-gram Darth Vader ones priced at 65,000 yen each (US$545). There’s also 11-coin set priced at one million yen ($8,355). In an interview a spokesperson for Ginza Tanaka was asked how much it would cost to cover C3-PO in real gold, and she said that if you estimat...

Digging for gold in Donegal, Ireland

April 24, 2015 at 11:23


Connemara Mining has been granted licenses to prospect for both gold and zinc around Ireland and are zeroing in on Co. Donegal. The company recently secured five licenses which grant access to thousands of acres on the Inishowen peninsula in Co.Donegal for gold and zinc prospecting.Connemara Mining was quick to buy up prospecting licenses after a 2013 Tellus Border survey uncovered signs of extractable and valuable metals in the region. Chairman John Teeling said getting the Inishowen licenses “furthers the aggressive stance we are taking in discovering Ireland’s next gold deposit.”Connemara Mining has amassed nearly 30 prospecting licenses for regions all over Ireland an...