California man accused of selling counterfeit gold

February 26, 2015 at 12:38


A Grass Valley man was arrested this week on charges of selling counterfeit gold bars, police said. The victims bought $175,500 in gold bars before finding out they were fake, Nevada County District Attorney Clifford Newell said Wednesday. A store owner, Gregory Arnoldi, was arrested and arraigned on three felony counts of possessing and selling counterfeit gold. "The investigation revealed that the victims had purchased a total of $175,500 worth of gold bullion bars from Arnoldi in two separate transactions in April of 2014," Newell said in a news release. "In December 2014, (the) victims tried to redeem several of those bars at another gold dealer and learned t...

Apple Watch could use up third of world’s gold

February 26, 2015 at 12:35


If recent reports that Apple plans to sell one million gold Edition units a month are true, Apple Watch could wreak havoc on gold prices and do who knows what to the global economy. Some math on Apple Watch and estimates that if production rumors are correct, Apple will be bidding for a third of the world’s annual gold supply to make enough gold watches to meet demand. To put those numbers in perspective, Apple needs so much gold it could turn the all 7,000 metric tons of gold stored at the Federal Reserve Bank of New York — you know, the one from the plot of Die Hard 3 — into gold watches in less than a decade. Assuming the Apple Watch Edition contains 2 troy ou...

Goldcorp CEO says falling supply will support

February 24, 2015 at 14:29


Supply constraints will hold gold steady in the short term and support longer-term price rises, Goldcorp CEO Chuck Jeannes said. Yellow metal discoveries have been declining since a peak in 1995, despite higher exploration spending over the past decade, Jeannes told the BMO Capital Markets 24th Global Metals & Mining Conference in Hollywood, Florida. Mine development is also taking much longer due to issues such as government restrictions, disputes with indigenous communities, political instability and project economics, with those that do get built taking an average of 20 years to begin production, the CEO said. "When you combine that information and look at...

Banks face scrutiny over pricing of precious metals

February 24, 2015 at 14:26


The U.S. Department of Justice (DoJ) and the Commodity Futures Trading Commission are investigating at least 10 major banks for possible rigging of precious-metals markets, citing people close to the inquiries. DoJ prosecutors are scrutinizing the price-setting process for gold, silver, platinum and palladium in London, while the CFTC has opened a civil investigation, the newspaper said. The banks are HSBC, Bank of Nova Scotia, Barclays Plc, Credit Suisse Group AG, Deutsche Bank AG, Goldman Sachs Group Inc, JPMorgan Chase & Co, Societe Generale, Standard Bank Group Ltd and UBS Group AG, the Journal said. Standard Bank spokesman Erik Larsen declined to commen...

Gold sentiment turns negative again

February 23, 2015 at 14:47


Judging by the barometer of hedge-fund interest, there’s less to get excited about in gold these days. Even as Greece battled with its creditors to avoid default and keep the euro zone intact, speculators retreated from the metal used as a haven from economic and political upheaval. Money managers cut their net-long wagers by the most in 15 weeks, U.S. government data show. The strengthening dollar and record valuations for global equities are diminishing bullion’s appeal as a store of wealth. As the combined market capitalization of stocks thundered through $67 trillion last week and the dollar traded at its highest level in at least a decade, this month’s losses i...

How much gold in an Oscar statuette?

February 23, 2015 at 14:38


It's no secret that these sparkling little men aren't 100% gold--they're only coated in 24-carat gold--so that makes it harder to figure out how much gold they actually contain. Luckily math comes to the rescue. Let's start with some data. The trophy's official height and weight are: 13.5 inches, and 8.5 pounds, respectively. So, it's basically a newborn baby (well, except that it's coated in gold, has a fit physique, and comes with a sword). This means that all we need to do is find the surface area of this golden baby. There are several formulas for doing so, but one developed by G.B. Haycock in 1978 has been shown to give good results: The output of this formula ...

Smaller gold miners benefit from majors castoffs

February 20, 2015 at 11:27


The move by the world’s largest gold miners to dismantle their portfolios is allowing more nimble rivals to disrupt the industry, according to the Australian producer that’s surged more than threefold during a two-year buying spree. Northern Star Resources Ltd.’s market value has swelled to A$1.2 billion ($940 million) in Sydney since it began in 2013 acquiring $166 million worth of mines from Barrick Gold Corp. and Newmont Mining Corp., the No. 2 and No. 3 producers. “It’s a pretty simple strategy,” said Bill Beament, chief executive officer of Northern Star, the best-performing mining company in Australia in the past year. “That sweet spot in the middle is compani...