Fed tests gold upleg
Gold’s outlook and fundamentals remain really bullish.
RBC Daily reports rescuers have detected a large object lying at a depth of 25 meters in the Sea of Okhotsk off Russia’s Pacific Coast which was confirmed to be the cargo ship Amurskoye.
A statement from the Transportation Ministry said Wednesday the 11 crew members remain unaccounted for, reports The Vancouver Sun.
The ship operated by Russian mining company Polymetal with 700 tonnes of gold ore on board went missing last week. The vessel with a 9-member crew sent a distress call last Sunday from the Sea of Okhotsk.
Moscow-based business paper RBC said news the ship apparently left the port without authorization documents and was loaded maximum capacity of 611 tonnes and was not designed for carrying bulk cargoes.
At the time London-listed Polymetal said it had used the route before to take ore from one facility to another to be processed, according to the NYT.
Businessweek reported the incident is unlikely to result in serious financial damage to Polymetal: “Based on Polymetal’s earlier estimate for the Avlayakan deposit, the lost cargo contained gold worth an estimated $800,000”.
