Monday 10 December 2012
Friday 14 September 2012
GOLD - Worldwide Gold Perspective
Worldwide Gold Perspective:
Official Gold Reserves (Countries and Banks as of March 2005) = est. 31,423 tons, Privately held = est. 22,000 tons, Other fabrications = est. 16,500 tons, Lost or unaccounted = est. 3,500 tons, Jewelry Worldwide = est. 72,000 tons.
So who are the real gold producers of the world? Global production of gold - that is from the beginning of human presence on Earth - is about 153,000 tons. About 63% of that has been mined since 1950.
Yearly global extraction of gold from mining enterprises is close to 2,500 tons. Officially it was 2,484 tons in 2004. That is what has been extracted and accounted for by statutory government recording sources.
South Africa remains the world’s largest producer of gold, with just over 344 tones and 14% of global production. The US produced almost 262 tones (11%), followed by Australia with 258 tones. The most spectacular rises in output over the past decade have come from Indonesia , which in 1992 produced just 2 tones of gold but in 2004 produced almost 114 tones (183 tones in 2001).
Emerging Second and Third world countries hold the key to future rises in global production of gold. It is interesting to know that over 51% of all gold mined in a single year are consumed in jewelry. India consumed over 520 tones in 2004 for jewelry alone. Second in jewelry was the USA , consuming 350 tones. With emerging nations, such as China, who produces jewelry at almost 24 carat (pure gold) global demand is certain to continue to place pressure on demand for more gold.
Thursday 13 September 2012
Sunday 26 August 2012
MINING NEWS - Today: Indian gold imports under threat from price rally
MINING NEWS - Today: Indian gold imports under threat from price rally: "Indian gold imports under threat from price rally
Gold imports are set to fall further this year as global bullion prices are driven higher by surplus cash in the market and by a weaker dollar, delegates at a major conference on the metal said on Friday.
As it is the biggest consumer of bullion, India's demand has traditionally been a key determinant of gold prices, although it has been overtaken in recent years by the weight of Western investors seeking sanctuary from the global financial crisis."
Speculative and investment demand has led prices to more than double since 2008, curbing purchases from price-sensitive Indian buyers. India's gold imports in the second quarter plunged more than 56 percent on the year to 131 tonnes, according to industry body the World Gold Council.
"For the gold price (rally) to continue, someone else would have to step in to replace India," said one London-based bullion banker attending the International Gold Convention in Hyderabad.
"Investors in America or in Europe might step in and make up the difference, but it (India's falling consumption) is something that will have a negative impact on the gold price."
Gold prices, currently near $1,670 an ounce, are set to end Friday with their biggest weekly rise since early June, up 3 percent, after minutes of a Federal Reserve meeting showed the US central bank is set to deliver another round of monetary stimulus "fairly soon" unless the country's economy improves considerably.
"Gold is very sensitive to statements from the central banks, largely from the US Federal Reserve and European Central Bank," said Sunil Kashyap, managing director and head of Asia Pacific and Middle East at ScotiaMocatta.
Kashyap pointed to a perception that gold is a hedge against the inflation that could result from looser monetary policy.
"The logic is, if there is more money in the system, there is potential for inflation in future."
Philip Klapwijk, global head of analytics of the London-based consultancy GFMS, said gold prices could peak at $1,800-$1,850 an ounce by the end of 2012 as demand in China, the second largest consumer, continued to increase.
"We expect prices to continue to rise in the next few months," he said. "If you have China further cutting interest rates to stimulate the economy, then Chinese investors may buy more gold bars."
Kashyap said prices of the yellow metal were likely to consolidate in the range of $1,640-$1,700 an ounce until October, with an upside bias. He said the gold market will also look at demand from Diwali, India's peak festival season.
Government increased import duty for gold earlier in the year, from 1 percent to 2 percent, and then to 4 percent. One bullion banker said delegates at the conference were speculating that this may be raised further to at least 7 percent.
"They want to encourage more people to spend money on Indian goods and consume things in India that will help the economy, rather than have all this money tied up in gold bars and gold jewellery," he said. "The government sees gold as a dead asset."
Local dealers reported an increase in the amount of gold flowing into India unofficially, and scrap sales are on the rise as high rupee prices and a slowing economy result in a mass selling of jewellery in India, he said.
These factors may result in a repeat of the strike action carried out by jewellers in March, the banker added, particularly if the government further increases duties.
Silver prices could be at $35 an ounce by the end of the year, up 15 percent from the current levels, Klapwijk said, while prices of platinum, which has been a "star performer," are likely to touch $1,700 an ounce compared with about $1,550 now.
'via Blog this'
Gold imports are set to fall further this year as global bullion prices are driven higher by surplus cash in the market and by a weaker dollar, delegates at a major conference on the metal said on Friday.
As it is the biggest consumer of bullion, India's demand has traditionally been a key determinant of gold prices, although it has been overtaken in recent years by the weight of Western investors seeking sanctuary from the global financial crisis."
Speculative and investment demand has led prices to more than double since 2008, curbing purchases from price-sensitive Indian buyers. India's gold imports in the second quarter plunged more than 56 percent on the year to 131 tonnes, according to industry body the World Gold Council.
"For the gold price (rally) to continue, someone else would have to step in to replace India," said one London-based bullion banker attending the International Gold Convention in Hyderabad.
"Investors in America or in Europe might step in and make up the difference, but it (India's falling consumption) is something that will have a negative impact on the gold price."
Gold prices, currently near $1,670 an ounce, are set to end Friday with their biggest weekly rise since early June, up 3 percent, after minutes of a Federal Reserve meeting showed the US central bank is set to deliver another round of monetary stimulus "fairly soon" unless the country's economy improves considerably.
"Gold is very sensitive to statements from the central banks, largely from the US Federal Reserve and European Central Bank," said Sunil Kashyap, managing director and head of Asia Pacific and Middle East at ScotiaMocatta.
Kashyap pointed to a perception that gold is a hedge against the inflation that could result from looser monetary policy.
"The logic is, if there is more money in the system, there is potential for inflation in future."
Philip Klapwijk, global head of analytics of the London-based consultancy GFMS, said gold prices could peak at $1,800-$1,850 an ounce by the end of 2012 as demand in China, the second largest consumer, continued to increase.
"We expect prices to continue to rise in the next few months," he said. "If you have China further cutting interest rates to stimulate the economy, then Chinese investors may buy more gold bars."
Kashyap said prices of the yellow metal were likely to consolidate in the range of $1,640-$1,700 an ounce until October, with an upside bias. He said the gold market will also look at demand from Diwali, India's peak festival season.
Government increased import duty for gold earlier in the year, from 1 percent to 2 percent, and then to 4 percent. One bullion banker said delegates at the conference were speculating that this may be raised further to at least 7 percent.
"They want to encourage more people to spend money on Indian goods and consume things in India that will help the economy, rather than have all this money tied up in gold bars and gold jewellery," he said. "The government sees gold as a dead asset."
Local dealers reported an increase in the amount of gold flowing into India unofficially, and scrap sales are on the rise as high rupee prices and a slowing economy result in a mass selling of jewellery in India, he said.
These factors may result in a repeat of the strike action carried out by jewellers in March, the banker added, particularly if the government further increases duties.
Silver prices could be at $35 an ounce by the end of the year, up 15 percent from the current levels, Klapwijk said, while prices of platinum, which has been a "star performer," are likely to touch $1,700 an ounce compared with about $1,550 now.
'via Blog this'
Tuesday 21 August 2012
Sunday 12 August 2012
Sushil Kumar Wins Wrestling Silver at the London Olympics - India Real Time - WSJ
Sushil Kumar Wins Wrestling Silver at the London Olympics - India Real Time - WSJ:
"Sushil Kumar missed out on what would have been India’s only gold medal at the 2012 Olympics, losing to Japan’s Tatsuhiro Yonemitsu in the final of the 66-kilogram freestyle wrestling event.
Kumar ended with silver, becoming the first Indian to win a medal in consecutive Olympics (he won bronze in Beijing 2008.) The 29-year-old will return to India a hero, but there will be disappointment that the gold slipped from his grasp. It would have been only the second individual gold for India in over 90 years of participation at the Olympics.
But Yonemitsu was a convincing 3-1 winner in the final Sunday, the last day of the Games."
'via Blog this'
"Sushil Kumar missed out on what would have been India’s only gold medal at the 2012 Olympics, losing to Japan’s Tatsuhiro Yonemitsu in the final of the 66-kilogram freestyle wrestling event.Kumar ended with silver, becoming the first Indian to win a medal in consecutive Olympics (he won bronze in Beijing 2008.) The 29-year-old will return to India a hero, but there will be disappointment that the gold slipped from his grasp. It would have been only the second individual gold for India in over 90 years of participation at the Olympics.
But Yonemitsu was a convincing 3-1 winner in the final Sunday, the last day of the Games."
'via Blog this'
Tuesday 7 August 2012
9 foods to lose weight | Health
9 foods to lose weight | Health:
'via Blog this'
Salad:
You can create you salad from several lettuce varieties,fresh tomato,cucumber,carrot,cabbage,celery,beetroot which are all low calories ingredients be careful when choosing the dressing in that this is what has all the calories choose only low fat dressings or lemon with salt and pepper.
Grapes :
Grapes are great fresh or frozen these tiny pieces of fruit are low in calories delicious and make an excellent snack.
Oranges :
This type of citrus food is also a great snack considering that an average size orange only has 50 calories while providing a sweet juicy treat.
Potatoes :
Are rich in vitamins nutrients as well as being low calories as long as you stick with boiled or baked potatoes without the heavy sour cream and butter you will be find tapping what will add flavour but not calories include salsa low fat cheese and even cottage cheese.
Highfiber cereals:
Makes you feel ful,cereals high in fiber are low in calories,for instance you could choose white rice,corn,or oats which are delicious and filling.
Popcorn:
With this the popcorn is popped using air instead of rich butter by adding a little but of salt you have a wonderful snack.
Egg whites:
You can enjoy a breakfast of scrambled egg whites which are high in protein and low in calories using low-fat butter or spray cooking oil and a little seasoning you’ll find these to be quite tasty, making this yet another great choice of food to eat to lose weight.
Bananas blue berries:
The average banana has only 60 calories banana are also filling which being loads with vitamins additionally you could enjoy 12 once bag of unsweetened blueberries for just 80 calories to sweeten them you could use an artificial sweeteners such as NutraSweet or Splenda as you can see both of these fruits are considered a great food to eat to lose weight.
Mangoes and papayas:
In the dried form papaya and mango are ideal snacks especially when craving something sweet both are a great source of vitamins C,A and iron these are also among the best considerations for food to eat to lose weight.
'via Blog this'
Salad:
You can create you salad from several lettuce varieties,fresh tomato,cucumber,carrot,cabbage,celery,beetroot which are all low calories ingredients be careful when choosing the dressing in that this is what has all the calories choose only low fat dressings or lemon with salt and pepper.
Grapes :
Grapes are great fresh or frozen these tiny pieces of fruit are low in calories delicious and make an excellent snack.
Oranges :
This type of citrus food is also a great snack considering that an average size orange only has 50 calories while providing a sweet juicy treat.
Potatoes :
Are rich in vitamins nutrients as well as being low calories as long as you stick with boiled or baked potatoes without the heavy sour cream and butter you will be find tapping what will add flavour but not calories include salsa low fat cheese and even cottage cheese.
Highfiber cereals:
Makes you feel ful,cereals high in fiber are low in calories,for instance you could choose white rice,corn,or oats which are delicious and filling.
Popcorn:
With this the popcorn is popped using air instead of rich butter by adding a little but of salt you have a wonderful snack.
Egg whites:
You can enjoy a breakfast of scrambled egg whites which are high in protein and low in calories using low-fat butter or spray cooking oil and a little seasoning you’ll find these to be quite tasty, making this yet another great choice of food to eat to lose weight.
Bananas blue berries:
The average banana has only 60 calories banana are also filling which being loads with vitamins additionally you could enjoy 12 once bag of unsweetened blueberries for just 80 calories to sweeten them you could use an artificial sweeteners such as NutraSweet or Splenda as you can see both of these fruits are considered a great food to eat to lose weight.
Mangoes and papayas:
In the dried form papaya and mango are ideal snacks especially when craving something sweet both are a great source of vitamins C,A and iron these are also among the best considerations for food to eat to lose weight.
Friday 6 July 2012
Globally barred blood diamonds find their way to Gujarat? : West, News - India Today
Globally barred blood diamonds find their way to Gujarat? : West, News - India Today: "The customs department has alerted the Centre that "blood diamonds", considered Africa's misery, are finding their way into India for processing. The processed precious stones, which are also termed as "conflict diamonds" due to the origin in the continent’s conflict zones, are consequently exported to the US and European countries."
'via Blog this'
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Tuesday 26 June 2012
Friday 22 June 2012
Tuesday 15 May 2012
Gold - Greed
Gold - Karatbars International: "The greed for gold was also the reason for wars, looting and conquest. Gold discoveries in Central and South America attracted by the journeys of Christopher Columbus, European and especially Spanish explorers, the gold galleons brought in to Europe. Spain has been a while for the richest nation in Europe, but the indigenous cultures were destroyed.
Again and again attracted large crowds of adventurers finds gold at. In the 19th Century, it came on different continents to Gold Rush-called mass movements in the areas of major gold deposits, examples are the Californian gold rush in 1849 and the Gold Rush of 1897 on the Klondike River in Alaska. Even in Australia (Bathurst, Temora, Teetulpa and Coolgardie) and South Africa (Witwatersrand), there was the gold rush. Hardly any of the gold seekers, however, was rich by mining gold mining or gold panning.
Even today, the fluctuating price of gold often leads to social turmoil: How does a falling gold price in South Africa to a strong depletion of the population living part of the gold production. In the Brazilian Amazon region, the informal gold mining by garimpeiros is often associated with serious social and ecological consequences.
(Source: Wikipedia)"
'via Blog this'
Again and again attracted large crowds of adventurers finds gold at. In the 19th Century, it came on different continents to Gold Rush-called mass movements in the areas of major gold deposits, examples are the Californian gold rush in 1849 and the Gold Rush of 1897 on the Klondike River in Alaska. Even in Australia (Bathurst, Temora, Teetulpa and Coolgardie) and South Africa (Witwatersrand), there was the gold rush. Hardly any of the gold seekers, however, was rich by mining gold mining or gold panning.
Even today, the fluctuating price of gold often leads to social turmoil: How does a falling gold price in South Africa to a strong depletion of the population living part of the gold production. In the Brazilian Amazon region, the informal gold mining by garimpeiros is often associated with serious social and ecological consequences.
(Source: Wikipedia)"
'via Blog this'
Gold - History
Gold - Karatbars International: "The Egyptians exploited deposits in Upper Egypt and Nubia. The Romans used sites in Asia Minor, Spain, Romania and Germany.
The earliest documentation represents the vast seafaring Greek Argonauts to Colchis for Golden Fleece dar.
In the Torah of the golden calf is told that produced the Israelites as idol while Moses received the Ten Commandments, and the gold land of Ophir. The New Testament mentions gold (in addition frankincense and myrrh) as an homage to the gifts of the Magi from the East to the newborn Jesus (see Matthew's Gospel, chapter 2, verse 11).
Also in South America and Mesoamerica was processed very early gold. For example, the Moche dominated Peru in the early first millennium, the alloy formation (Tumbago) and the gilding and produced objects for ritual purposes from several kilograms of gold.
"
'via Blog this'
The earliest documentation represents the vast seafaring Greek Argonauts to Colchis for Golden Fleece dar.
In the Torah of the golden calf is told that produced the Israelites as idol while Moses received the Ten Commandments, and the gold land of Ophir. The New Testament mentions gold (in addition frankincense and myrrh) as an homage to the gifts of the Magi from the East to the newborn Jesus (see Matthew's Gospel, chapter 2, verse 11).
Also in South America and Mesoamerica was processed very early gold. For example, the Moche dominated Peru in the early first millennium, the alloy formation (Tumbago) and the gilding and produced objects for ritual purposes from several kilograms of gold.
"
'via Blog this'
Gold - International Currency
Gold - Karatbars International: "Gold is one of the first metals to be processed by humans.
With its striking bright yellow color, it was dignified, so as an element found in nature, could work very well mechanically and not corroded. Because of the durability of its splendor, its rarity and severity of incident, it was very popular and has been used in many cultures, especially for ritual objects.
The gold recovery probably began in the Bronze Age. The lightweight alloyed with many metals, the melting temperatures moderate and the favorable properties of the alloys made ??gold as a material very attractive.
In 4500 BC, the dates in the Bulgarian Varna 1972 discovered gold finds. In Central Europe can be detected gold objects from the second millennium BC. Famous examples are the gold in the golden hat Schifferstadt and in the sky disc of Nebra."
'via Blog this'
With its striking bright yellow color, it was dignified, so as an element found in nature, could work very well mechanically and not corroded. Because of the durability of its splendor, its rarity and severity of incident, it was very popular and has been used in many cultures, especially for ritual objects.
The gold recovery probably began in the Bronze Age. The lightweight alloyed with many metals, the melting temperatures moderate and the favorable properties of the alloys made ??gold as a material very attractive.
In 4500 BC, the dates in the Bulgarian Varna 1972 discovered gold finds. In Central Europe can be detected gold objects from the second millennium BC. Famous examples are the gold in the golden hat Schifferstadt and in the sky disc of Nebra."
'via Blog this'
Wednesday 9 May 2012
Thursday 3 May 2012
Sunday 29 April 2012
WORLD CURRENCY
MetalFirst: "Beijing is planning to avoid U.S. financial sanctions on Iran by paying for oil with gold. China’s imports of the metal are already large, and you can guess what additional purchases are going to do to prices.
On the last day of 2011, President Obama signed the National Defense Authorization Act for Fiscal Year 2012. The NDAA, as it is called, attempts to reduce Iran’s revenue from the sale of petroleum by imposing sanctions on foreign financial institutions conducting transactions with Iranian financial institutions in connection with those sales. This provision, which essentially cuts off sanctioned institutions from the U.S. financial system, takes effect on June 28.
"
'via Blog this'
On the last day of 2011, President Obama signed the National Defense Authorization Act for Fiscal Year 2012. The NDAA, as it is called, attempts to reduce Iran’s revenue from the sale of petroleum by imposing sanctions on foreign financial institutions conducting transactions with Iranian financial institutions in connection with those sales. This provision, which essentially cuts off sanctioned institutions from the U.S. financial system, takes effect on June 28.
"
'via Blog this'
Wednesday 25 April 2012
Tuesday 24 April 2012
India and China to buy oil with Gold
India is importing 14 million tonnes of oil from Iran and has agreed to pay for it with gold. A report issued by the news website DEBKAfile, states that Iran and India are currently negotiating backup alternatives with China and Russia, should the US and EU locate a way to block any gold payment for oil unlikely as that may be.
Although the US and EU have issued unilateral sanctions against Iran complete with a removal from the SWIFT banking payment system, India and China are prepared to fly in the face of the sanctions issued to ban any bank involved in oil trade with Iran from dealing with American and European counterparts.
According to Jim Sinclair, “It is reasonable to assume that China has been threatened with total or at least selective exclusion from the SWIFT system if it pays in any currency for Iranian oil.”
Considering the enormous amount of trade the US and Europe do with both the giant Asian economies that seems somewhat of an empty threat and both China and India know this. The Asia Pacific currently accounts for 13 percent of SWIFT’s financial traffic and 15 percent of its total revenue. Not something to be discounted lightly.
It has also recently been reported:
"China's imports of the metal are already large, and you can guess what additional purchases are going to do to prices. On the last day of 2011, President Obama signed the National Defense Authorization Act for Fiscal Year 2012. The NDAA, as it is called, attempts to reduce Iran's revenue from the sale of petroleum by imposing sanctions on foreign financial institutions conducting transactions with Iranian financial institutions in connection with those sales. This provision, which essentially cuts off sanctioned institutions from the U.S. financial system, takes effect on June 28."
India and China the two major buyers of Iranian oil, accounting for 22 and 13 percent of its total export respectively, have refused to join such sanctions. This means they have to establish a reliable way of paying for crude, independently of the parts of the global financial system controlled by New York and London. This, apparently, is going to be gold. Perhaps this is the first step to gold being used for major trading and the demise of the US dollar as the world’s reserve currency.
As China is building massive reserves of gold both in its own mining activities, major purchases of gold AND even buying up gold mines around the world, it appears it is gearing up for a gold trading based economy in the future.
Sinclair also commented. "Gold has been decided by China as the means of making payment for massive international purchases free of the SWIFT system."
This would cause other nations to view gold as a trading method free from the economic influence of western nations. "As paper money is under the control of the SWIFT system and now being used as a weapon rather than an economically efficient transfer of value system, nations will start to look elsewhere for alternatives and gold being a traditional method will be the first in line for consideration." Said another analyst.
Questions will then rise on the amount of gold available for trading as, "It is reasonable and possible for the supply of physical gold to fall far behind the size of the massive short positions now common to algorithm and hedge fund paper shorts. That will make an effective cover at a reasonable price as compared to a certain day’s close impossible the following day on an exogenous event." As Sinclair points out.
Japan and South Korea, two other major buyers of Iranian crude, are also concerned about the oil embargo and they have plenty of gold too.
The German political analyst Christoph R. Horstel recently stated, “All the present faithful customers to Iran oil are set to continue buying this oil, and they will find a way, rest assured,” he said. “This is the signal I get from Tehran.”
"I was personally present when the deputy economics minister of Iran was talking to a foreign society in Berlin," he added. “And the gentleman said very openly to the shocked audience 'OK. You don’t want to buy our goods. Well, the Chinese do'."
Currently gold is very cheap but is evidently going to become VERY valuable in the coming months as this scenario with Iran plays out and likely India and China set to buy oil with gold is only the beginning.
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