Gold

Due to euro jitters and the U.S. credit downgrade, investment demand in Europe for gold jumped 135% to a record quarterly value of €4.6 billion. On Thursday the World Gold Council’s Gold Demand Trends report for Q3 2011 was released. "The increase in overall investment demand was all the more impressive given the sharp gold price correction in September, which encouraged a wave of profit taking among bar and coin investors. Virtually all markets saw strong double-digit growth in demand for gold bars and coins," said the World Gold Council in a statement.

TORONTO, Nov. 18, 2011 /CNW/ - Guyana Goldfields Inc. (TSX: GUY) ("GGI" or "the Company") is pleased to announce today that it has signed a Mineral Agreement ("MA") with the Government of Guyana and has received the Mining License for the Aurora Gold Project, as previously promised through its Memorandum of Understanding ("MOU") agreement with the Guyanese Government (see press release dated October 5, 2011). This is the first large-scale mining license to be issued in the gold sector in Guyana since 1991.

TORONTO, Nov. 18, 2011 /CNW/ - Agnico-Eagle Mines Limited ("Agnico-Eagle") (NYSE & TSX: AEM) and Grayd Resource Corporation ("Grayd") (TSX-V: GYD & OTCQX: GYDRF) announced today that 91,228,900 common shares (the "Shares") of Grayd, representing approximately 94.77% of the outstanding Shares on a fully-diluted basis, have been validly deposited pursuant to the offer (the "Offer") made by Agnico-Eagle to acquire all of the issued and outstanding Shares. All conditions of the Offer have been satisfied and the Offer has now expired and will not be extended. Agnico-Eagle has taken up all deposited Shares and will pay for such deposited Shares not later thanNovember 23, 2011.

The Globe & Mail reports local authorities in the Pakistani province of Balochistan refused to meet Tethyan Copper, a joint venture between Chile’s Antofagasta and Barrick Gold, for talks before rejecting a bid for one of the world's richest deposits of gold and copper at a remote site in the dry hills near the Afghan-Pakistan border, known as Reko Diq. Tethyan Copper said a “summary decision” by the restive province to reject a mining lease application for its Reko Diq project breached local rules and Pakistani law and has now filed a "notice of dispute." The company submitted a feasibility study earlier this year that indicated 22 billion lb of copper and 13 million oz of gold at the site. The Balochistan decision now paves the way for a Chinese consortium to construct a mine and processing facility.

The continued surge in the gold price amid financial market turmoil is seeing a dramatic shift in the pattern of gold buying and selling at the world's central banks. The Globe and Mail reports that after two decades of being net sellers of gold, central banks are now buying gold at a record pace reflecting deep concerns about the viability of the US dollar and the euro as stores of value: Official net purchases of gold exploded in the third quarter, totalling 148.8 tonnes, more than double the entire amount of government buying in 2010, the World Gold Council, a London-based industry association, said in a new report Thursday. “We are seeing what now looks like unprecedented levels of central bank buying,” said Marcus Grubb, managing director, investment, at the Gold Council. “We do believe this is a long-term trend. This is not just short-term, tactical buying.”

Aurico announced on Friday open pit pre-production development has commenced at its Young-Davidson project after the company completed the first open pit blast on Thursday. Commissioning of the Young-Davidson mine project remains on schedule with the first gold pour anticipated for the end of March 2012. The 100%-owned Young-Davidson gold mine in northern Ontario is expected to produce 200,000 ounces per year by 2015. AuRico Gold has projects in Canada, Mexico and Australia and five operating properties including the Ocampo mine in Chihuahua State, the El Chanate mine in Sonora State, the El Cubo mine in Guanajuato State, as well as the Fosterville and Stawell gold mines in Victoria, Australia.

Gold futures for December delivery dropped 3.2%  or $57 to $1,717.30 an ounce on the Comex division of the New York Mercantile Exchange by early afternoon on Thursday. Gold's weakness flies in the face of new data from the World Gold Council showing investment demand at record highs and voracious jewelry demand from China, and investment bank Morgan Stanley picking gold as its top commodity for 2012 and predicting a price of $2,200 an ounce in the first half.

According to the World Gold Council’s Gold Demand Trends report for the third quarter 2011 released today, demand reached 1,053.9 tonnes, an increase of 6% compared to the same period last year. This equates to $57.7bn, an all-time high in value terms. The increase was driven by investment demand which rose by 33% year-on-year to 468.1 tonnes, generating record quarterly demand of $25.6bn, and came despite a steep drop-off Indian jewellery demand which was down 26% thanks to disappointing Diwali sales.Chinese jewellery demand was 13% higher year-on-year at 131.0 tonnes and topped Indian sales for the first time as Chinese jewellers expand outside the bigger cities.

Andover Ventures Inc. ("Andover" or the "Company") (TSX VENTURE:AOX)(OTCBB:AOVTF)(FRANKFURT:R2X) is pleased to announce that the Company has more than doubled its land position at the Sun Property located in the Ambler Mining District, Northwest, Alaska. The Ambler district hosts one of the richest known volcanogenic-massive-sulphide (VMS) copper-zinc-lead-gold-silver deposits in the world. Andover previously held 112 State of Alaska claims, each representing a quarter section, or 160 acres. The Company has increased the number of state claims by staking an additional 118 claims for a total of 230 claims, representing a new land position of 36,800 acres.