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Gold Prices Increase on Falling Supply and Rising Demand
February gold futures broke $1200 for the first time a little after 4AM New York time. February 2010 is now the major front month contract after the expiration of the December contract on November 30th.
Gold futures were up 14% in November, the best monthly performance in ten years. Silver was also up 14%. Gold traded [...]
Government of China Agrees Takes Over OZ Australia Minerals
Planning agent of economics China, National development and Reform Commission ( NDRC) has agreed Government of China $12 Minmetals billion taking over mine OZ Australia Minerals.
Rio Tinto 15 pct Falls Iron Ore Mine Production, Expect Iron Ore Mine Demand From Chinese Steel Industry
The rising toll of the global slump and downturn in commodities, is hitting Rio Tinto. And, as is usual in the north of Australia during the wet, the weather played its part again. The world’s third biggest miner revealed yesterday in its March quarter production report that first-quarter iron ore output fell 15% after floods [...]
India Silver Import Falls by 50%, Follow Gold Mine Demand
High prices, dull market conditions and re-cycling of scrap silver materials have led to a big fall in the imports of silver by India, one of the largest importers of the white metal in the world.
FIRB Decided To Extend Review China Mining Company, China Minmetalss To Acquire OZ Minerals
The Australian Foreign Investment Review Board (FIRB) has decided to extend its review of China Minmetals’ $1.8-billion offer to acquire OZ Minerals, the world’s second-biggest zinc miner, by 90 days, ie, till 22 June.
Niger plans audit of foreign, local mining firms
Niger`s government is planning its first ever audit of mining and energy firms as foreign explorers flock to its expanses of mineral-rich desert, the West African country`s government said.
The world`s third largest uranium producer last year changed its mining law to allow the government to audit foreign firms, in line with the Extractive Industries Transparency [...]
Copper Falls on China Interest-Rate Speculation; Nickel Drops
Copper fell in London on speculation that interest rates in China and the U.S. will increase, curbing demand in the world’s largest users of the metal. Nickel dropped the most in more than three months on signs of slowing orders.
China’s inflation accelerated at the fastest pace in more than two years in May, the National [...]
Gold futures close higher for the day, down 1% for the week
Gold futures closed higher Friday as news reports that North Korea has test-fired several missiles boosted the metal’s appeal as a safe-haven investment, but prices still closed out the week 1% lower after tumbling more than $9 an ounce in the previous session.
“Once gold prices hit close to $650, that level is considered a bargain [...]
Under bank sanctions, North Korea looks to gold exports
More than a century after American mining engineers first opened up North Korea’s gold mines, a fortune in gold and other metals and minerals offers the prospect for North Korea to ease the pressures of financial sanctions.
The question, however, is whether North Korea can navigate around a US Treasury order that forbids institutions doing business [...]
