Widely respected economist in China, Li Yining of Peking University, has joined a chorus of advisers urging the Chinese government to increase the country’s gold reserves as a hedge against inflation of foreign currencies. “China should increase its gold reserves appropriately, and China must take every chance to buy, especially when gold prices fall,” Li told China’s Xinhua news agency.

The African Chamber of Mines said that South Africa's gold output during the first quarter of this year fell 9.3 percent to 44,682.7 kg compared with a revised 49,245.4 kg produced in the fourth quarter last year. Africa is known for its large gold mines

Northern California gold mine that has been a tourist attraction for years could go back to mining as high gold prices boost the promise of profits. Sutter Gold Mining Inc. has lined up $20 million in financing to restart operations. Image is from Wikipedia, a map of the gold regions of California.

Reuters reported that global volume of iron ore swaps may jump to 80 million tonnes by 2015 around four times last year level as interest in the hedging tool rises. The projected volume represents nearly 13% of China iron ore imports of more than 618 million tonnes last year.

Warning that 80 per cent of the country's power plants face the risk of a default due to coal shortages and environmental issues, a body of power producers has petitioned the government for an expert group to review contracts awarded under through the competitive bidding route.

Exchange traded funds that invest in platinum and palladium were lower in the first half of 2011 on concerns about the global economy, the Japan earthquake and the European debt crisis. Platinum and palladium are precious metals like gold and silver. However, they are also favored for their industrial uses, such as automobile production.

The total gold reserves of central banks worldwide fell by 9.6 per cent between 2000 and 2008 but has subsequently increased by 2.2 per cent from 29,870 tonnes in 2008 to 30,535 tonnes at the end of 2010. This is mainly a result of rising demand for gold from central banks with surplus liquidity in some emerging markets, such as China, India, Russia and oil producing countries in the Middle East region.

The Greens' push to shut down the coal industry could severely undermine the nation's economy and sacrifice 200,000 jobs, new economic modelling warns. As the party takes to Federal Parliament today with unprecedented numbers and wielding the balance of power in the Senate, fresh research finds that leader Bob Brown's policy to phase out coal mining would slash GDP by up to $36 billion a year.

Rescuers were racing against time on Saturday to reach 40 miners buried underground in two separate coal mine disasters which have already killed three people in south China. Work crew operated at least 17 pumps at Niupeng Mine in rural Guizhou Province to release water from the flooded mine before rescuers could be sent down the pit.