Chinalco could invest $426 million in Suriname bauxite project
If approved by parliament, Chinalco could begin construction by the middle of next year.
Unlike April’s $200/oz drop in two days, no surge of physical demand has appeared in response to the gold price’s dip below $1,200.
A number of factors are at play, causing speculation that gold has a ways further to fall.
First, the consumer rush to gold dealers in April likely depleted available household savings for purchases of bullion. Even though the “bargains” are better this time around, budgets are restricting households from loading up further.
Second, this latest collapse has increased fear about the future of gold. With the US Federal Reserve on course to scale back its quantitative easing, physical buyers may be increasingly spooked by the prospects for a once attractive investment.
Third, Indian gold import tariffs have begun to bite. The government continues to tighten its grip on the country’s gold trade, hiking the import tax from 2% to 6% over the past year and banning traders from importing gold on margin.
Fourth, China’s bank liquidity concerns could be hindering demand in the short term, as “buyers worry about the impact of a slowdown in Chinese growth and a possible credit crunch.”
Sources: The Economic Times; Xinhua; Kitco News
Comments
Bala Banda
Sir/Madam
It is my pleasure to firstly introduce myself to you, as Elder Nana Kojo Mensah,
I was legally mandated to holds collective responsibility in Precious mineral business
transactions within Ashanti Kingdom, located in Ghana-West Africa,
mainly on Gold products. I was appointed by the council of Chiefs to
represents group of small and large scale miners within our ten
Regions of Ghana, in-view to menace the activities of fake sellers of
Gold.
As Representatives to these local miners, we deem it necessary to
assist them locate foreign capital to acquire some mining equipment to
meet up the need of their mining project. In this direction, we write
to invite you for offer, some quantity of kilograms of (au) gold dust
which they have piled-up over time to sell for foreign cash.
Presently, we have gathered about 210kgs here in Ghana, we Contacted
to found out if you will buyer these commodities at a moderate price
.
1 Buyer is Invited to come over to Ghana to make his own test and if
satisfied can pay 6% cost of goods that will be used for shipment of
the Gold from Ghana to any of his/her destined refinery any where in
the World.
2. If buyer is not willing to come down to Ghana, We shall contact a
financial that will make the shipment of goods to the bellowed
mentioned countries
1 Barcelona-Spain
2 Canada
3 Hong – Kong
4 Malaysia.
5 London
6 Germany
7 China
8 Uae
After you must have been satisfied with the product. You shall assist
us to purchase the needed mining equipments in order to boast
production capacity, We can also agreed to go into a joint mining
venture if you are interested in it and it will be based on your
decision.
Your quick and favorable response would be appreciated and We look
forward in doing long lasting business transaction with you. So, if
you are interested kindly contact us for the FCO/SPA,
.Anticipating your maximum co-operation.
Regards,
Elder Nana Kojo Mensah,
Protocol Officer (Ashanti Royal Kingdom).
[email protected]
+233 244465388