Tanzania’s gold output rises

May 22, 2015 at 12:30


Tanzania's gold output edged up 1.26 percent in 2014 to 1.27 million ounces, snapping a two-year decline, government data showed on Friday. Tanzania is Africa's fourth-biggest gold producer after South Africa, Ghana and Mali and gold exports are a key source of foreign exchange. Export earnings however fell last year, reflecting lower metal prices globally. “The total value of mineral exports by the seven major gold mines decreased by 6.7 percent from $1.78 billion in the year 2013 to $1.66 billion in the year 2014,” the state-run Tanzania Minerals Audit Agency (TMAA) said in a report. Government revenues from gold mining companies, in form of taxes and royalties...

New world currency backed by gold or silver?

May 22, 2015 at 12:28


History has proven that 100 percent of fiat currencies have failed the test of time. The average life span of a fiat currency is 40-50 years. With the US dollar now in it’s 44th year it makes you wonder if the end of the greenback is near. The only money that has held the test of time has been asset-backed currencies using gold. Or through owning gold and silver bullion. But without getting into the details to save us all time let’s take a quick look at what gold and silver are doing. Both gold and silver have been dropping in value for 4 years with investors keeping their eye and capital tied up in the equities market. QE1, QE2, Operation Twist, and QE3 have hel...

Canadian fund has $700m invested on Gold to rise

May 21, 2015 at 08:50


The US Securities and Equities Commission (SEC) last week released the latest figures of major asset management companies’ holdings. GLD dwarfs other exchange traded gold products holding more than 40% of the global total at 718 tonnes or 23.1m ounces. According to the data, long-time top investor in GLD is still US billionaire John Paulson’s hedge fund with a holding worth a shade over $1.2 billion. But the big news is out of Toronto where Canadian asset manager CI Investments purchased a whopping 6,117,900 shares worth $703.6 million during the first three months of the year. It has become the second largest holder of bullion in the fund with total holdings of ...

Report: China needs $64,000 an oz or 525,000 tons for Gold standard

May 21, 2015 at 08:39


A move to a gold standard in China would require an exchange rate of as much as $64,000 an ounce, 50 times bullion’s price now, according to a new report. A traditional gold standard, in which the precious metal backs the currency, is basically impossible at current prices due to the amount of metal needed and there’s no evidence the sixth-biggest bullion holder will adopt one,  said the reports published Wednesday. Any attempt probably would involve new technologies and depend on the ratio of what is backed, it said. Chinese policy makers are trying to establish the yuan as a reserve currency, and backing it with gold would help attract foreign capital inflows, the...

New Website: Play to win real Gold

May 20, 2015 at 10:52


The website for the game Cordial Minuet is nothing if not unsettling. The first thing you see when you open it is a pentagram followed by a series of spells: for making a husband faithful, traveling twenty miles an hour and for "winning a fortune in games where numbers are foretold." The rest of the page is littered with rants that sound like the rantings of an internet conspiracy theorist: Have you ever wanted all of the POWER with none of the RESPONSIBILITY? ... Many people, in fact most people, are still waiting for the HARPOON OF TIME to spear the WHALE OF TRUTH. The fact that you are READING THESE WORDS means you may suspect that this strike is NEVER GOING TO HAPPEN...

BofA Analyst: Silver to $10!

May 20, 2015 at 10:45


Silver got hit Tuesday as a strong dollar put pressure on commodity prices across the board. And according to one ''top'' technician, the selloff is just a foreshadow of what could be a major correction for the white metal. "If you look at the price action in silver from the start of the year, we've been in a very tight range and haven't been able to break any meaningful topside level," said technical analyst MacNeil Curry on Tuesday. Silver is up roughly 8 percent on the year, but still hasn't managed to reclaim its year-to-date high of $18.50 hit in mid-January. The metal is also down more than 20 percent from its 52-week high of $21.63 hit in July 2014. Silver...

Golds Volatile Awakening Coming

May 19, 2015 at 14:43


Gold traders should get ready for a change of pace in their markets. Prices have seesawed for the past two months, leaving the metal trapped in the tightest trading range in two years, according to data compiled through the end of last week. That’s historically a sign of more volatility to come. When similar periods of calm blanketed the market, the metal swung 3.3 percent on average in the five days after breaking out of the band, almost twice the usual weekly change. Gold moved around $1,200 an ounce as bullish catalysts, such as signs of faster inflation, were offset by speculation the Federal Reserve will soon raise interest rates. While the weaker dollar usuall...