News Articles

Even as the Indian government is seeking to restrict gold imports and is coming down hard on gold loan companies across the country, China could well be on its way to import 1,000 tonnes of gold for the whole year if recent buying trends continue . . . .

Gold prices climbed back above the $1,400 an ounce on Tuesday after Interfax reported that Russia detected a missile launch. The Russian Defence Ministry declined comment to Reuters. The news caused a spike in gold prices which later dropped back below $1400 an ounce only to rise again during the second London gold fix . . . .

India’s demand for gold during the second quarter of 2013 topped all other countries, according to the latest World Gold Council data. As noted by GoldCore, the demand for gold in India rose to its “highest in the last 10 years,” with jewelry, bars and coins demand, capping 310 tons during the period . . . .

After an initial $20 plunge today, the price of gold turned violently higher and closed near the highs in what turned out to be almost a $50 trading range.  In the aftermath of this turbulent trading, today one of the legends in the business shocked King World News when he said the reason for the wild trading action was that Asian central banks were demanding their gold, some of which is being stored in Western vaults, be sent home to Asia . . . .

Global consumers aggressively ramped up purchases of physical gold in the April-June period, led by opportunistic buyers in emerging markets at a time when the precious metal suffered a record quarterly loss, the World Gold Council (WGC) said on Thursday . . . .

The latest World Gold Council Gold Demand Trends report, which covers the period April-June 2013, highlights how recent falls in the gold price have generated significant increases in demand, most notably from consumers in China and India - by far the biggest markets for gold - compared with the same time last year . . . .

Indians bought more gold in July than June despite a series of moves by the central bank to strangle supplies, and their insatiable appetite has forced neighbouring countries to take steps to curb their own imports  . . . .

Silver has suffered a miserable year so far, bludgeoned by gold’s unprecedented selling anomaly. The exceptional weakness in both metals was greatly exacerbated by futures speculators piling on short-side bets. But with silver shorts hitting record extremes, a super-bullish short squeeze now looms. Any rapid silver rally is likely to spook the highly-leveraged futures traders, sparking a massive stampede to cover . . . .

Is China moving rapidly towards holding enough gold to have the clout it needs to replace the dollar with the renminbi as the global reserve currency? Now either the Western bullion banks have misjudged the power that gold still retains in the global psyche and as a key financial instrument, or the Asian investors and governments, which are continuing to accumulate gold at a high rate, have got it wrong . . . .

Odyssey Marine Exploration (Nasdaq:OMEX) has recovered over 61 tons of silver bullion this month from a depth of nearly three miles. This recovery of bullion from a British cargo ship that sank in February 1941, consists of  almost 1.8 million troy ounces of silver bullion in total, and sets a new record for the deepest and largest precious metal recovery from a shipwreck . . . .