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...

5 Catalysts That Will Spark a Bull Market in Gold and Silver

April 22, 2015 at 10:07


The precious metals never broke below the respective lows they put in late last year. But prices have yet to break out decisively from their months-long trading range and enter a sustained new cyclical uptrend. What will it take to spark a renewed bull market? Here are five likely catalysts: 1. Federal Reserve delays interest rate hikes. Federal Reserve chair Janet Yellen signaled to investors to anticipate interest rate hikes from the Fed later this year. Expectations of a tighter monetary policy have helped lift the U.S. dollar versus the euro and most other currencies. And despite the much stronger dollar compared to other fiat currencies, gold has held up wel...

Art & real estate are the new gold, so says Blackrock CEO

April 22, 2015 at 10:04


The rich have always found creative ways to safeguard their wealth—Swiss banks accounts, safes hidden behind the walls and, of course, bars of gold. But now, gold is being replaced as a store of wealth by a new breed of investments. According to BlackRock CEO Laurence D. Fink, art and real estate are outshining gold as a means of securing today's fortunes. "Historically gold was a great instrument for storing of wealth," the chairman of BlackRock said Tuesday at the 2015 Credit Suisse Megatrends conference in Singapore. "Gold has lost its luster and there's other mechanisms in which you can store wealth that are inflation-adjusted." Fink said that as gold became ...

China a key influence on the gold & silver price

April 21, 2015 at 08:50


According to Bank of America Merrill Lynch Global Research, silver prices may be through the worst but the precious metal is not expected to break out of recent ranges. The research body also noted the growing and consistent demand for silver from China’s energy sector as a key factor in keeping prices supported against the backdrop of the 70 percent slump since 2011. Silver is key to building photovoltaic generators, which produce usable solar energy, and China plans a major expansion of its use of solar power into the future, the advisory argued. In a rough estimation, 1 gigawatt of solar power requires about 3 million ounces of silver and China is considering building...

FBI recovers some stolen gold in South Florida

April 21, 2015 at 08:43


The FBI has recovered a gold bar in South Florida that was stolen during a March 1, 2015, heist along Interstate 95 in North Carolina. South Florida has again been linked to a $5 million gold heist along Interstate 95 in North Carolina. The FBI recently recovered a gold bar in South Florida that had been stolen during the March 1 robbery, according to the agency. The bar weighs about 26 pounds and is valued between $470,000 and $500,000. "This confirms that there is a South Florida nexus to this crime," said Justin E. Fleck, Supervisory Special Agent of the squad leading the investigation. "We believe that additional gold bars from the robbery may sti...