Newmont Mining Corp’s (NEM.N) second-quarter profit missed Wall Street expectations as higher costs and lower production offset a soaring gold price that hit a record high on Friday.
Europe’s elusive gold reserves: are Greece, Portugal sitting on billions of dollars? The first thing any insolvent private person is forced to do is relinquish the family silver. But other rules seem to apply to governments.
HSBC, the leading bank with operations worldwide, has become the first foreign bank in China to be given membership in Shanghai Futures Exchange and would start trading in gold futures, Reuters reported.
Mexico massively ramped up its gold reserves in the first quarter of this year, buying over $4 billion of bullion as emerging economies move away from the ailing U.S. dollar, which has dipped to 2-1/2-year lows.
Libya has declared gold reserves worth more than $6bn at current prices, thought to be held largely at home. The reserves are substantial, ranking in the global top 25, according to International Monetary Fund (IMF) data.
Striking S.African coal and gold miners will meet the Chamber of Mines in separate talks on Monday in a bid to end stoppages that have cost Africa’s largest economy tens of millions of dollars in lost output.
Last week currency traders celebrated what was advertised as a resolution to the European default crisis by selling the dollar and getting long the Euro.
China, which became the world’s largest gold producer since in 2007, retained its position again in 2010 by mining 340.88 tonnes, up 8.57 percent year on year, the China Gold Association said Sunday.
Increases in gold output will help China hedge against financial risks and inflation, as well as maintain economic security, the association said.
Anglo Asian Mining (LSE: AAZ.L -news) increased its gold production in Azerbaijan by 0.4 percent year-on-year to 28,610 ounces in the first half of 2011 from 28,493 ounces in the same period last year, the company said on Tuesday.
