Gold

Harmony Gold May Boost Output by 150,000 Ounces Next Year

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By Carli Cooke

Harmony Gold Mining Co. (HAR), the third- largest African miner of the metal, may boost output by 150,000 ounces in the fiscal year ending June 2013 as the company starts new projects, Chief Executive Officer Graham Briggs said.

“There’s no doubt it will be better,” Briggs said today in an interview in Johannesburg. So-called shaft pillar output will begin at the Bambanani mine in South Africa, while Doornkop and Phakisa production will expand and the Hidden Valley mine in Papua New Guinea “should be in a much better space.” Read more

“Bearish” Gold Hits 4-Month Low as Markets Fear Greek “Knock-On Effects”

London Gold Market Report

fromBen Traynor

BullionVault

Wednesday 9 May2012,08:00 EDT

“Bearish” Gold Hits 4-Month Low as Markets Fear Greek “Knock-On Effects” Read more

rI at the close, May 8, 2012

Greece struggle persists, markets tumble, Greece at lowest level since 1992

The consequences of lending to PIIGS took a graver turn this week as markets tumbled with increased fear of a Greek default on its debts.

  Greece has made its own bed with its epic inability to choose a clear governing party and may yet have to go back to the polls. The country appears, at least in an economic sense, to be rudderless and threatening to capsize without clearer leadership at the helm.

While the Financial Post reports that Germany will not abide any retreat from austerity, the Globe & Mail takes the news in stride, noting that the bond market shows little sign of contagion.

“While the yield on 10-year Greek government bonds has jumped 39 basis points today, to an eye-popping 22.25 per cent, most other countries’ borrowing rates are stable. The yield on French 10-year notes edged up seven basis points to 2.795. But German, Dutch, Swiss, Norwegian, Danish, Belgian, Austrian and Finnish rates all declined,” Canada’s national paper noted.

Nevertheless, the Toronto stock market tumbled more than 200 points Tuesday, before recovering somewhat in the afternoon, having dropped a net 1.59% or 188.41 points (to 11,672.24) within an hour of the market’s close.

The TSX Venture Exchange took a bigger hit, dropping 4.17% or 58.3 points to 1,339,12 within an hour of the close as well.

The S&P 500 index shed 15 points, or 1.1%, to 1,355 in Tuesday afternoon trading, falling for the fourth day in five and hitting a two month low.

The Dow Jones Industrial Average fell 142 points, or 1.1%, to 12,869 sliding for a fifth straight day.

The Nasdaq Composite lost 33 points, or 1.1%, to 2,925 and hit its lowest intraday trading level since February, reports WSJ.

In Europe, The Stoxx Europe 600 index sank 1.7%. Greece’s ASE Composite Index closed at its lowest level since November 1992, dropping 3.6%. The U.K.’s FTSE 100 fell 1.8% turning into the red for the year.

In the meantime, gold dropped to a session low, sliding 2% to below $1,600 per ounce. Reuters suggests further downside is possible based on the price breaking through a series of “technical support levels.”

“Spot gold dropped 1.9 percent on the day to $1,607.70 an ounce by 3:16 p.m. EDT (1916 GMT), its largest daily decline in a month. It hit a session low of $1,594.94 an ounce, its cheapest price since January 4.

“Gold’s has declined $180 from its 2012 high of $1,790 on February 29 after Fed Chairman Ben Bernanke did not hint at a third round of government bond purchases, or quantitative easing, which has underpinned the metal. A strong run of U.S. economic data has further reduced hopes for U.S. monetary easing.”

As Greece’s indecisiveness plays havoc with global markets, it may behove Europe’s leadership to finally take a stand and remove Greece’s untenable debit (if not the country as a whole) from the eurozone entirely.

Europe must turn its attention to the real problems at the root of its present situation, particularly the flaunting of the basic debt load stipulations of the Maastricht Treaty. 

 

Comex Gold Extends Earlier Losses to Trade Sharply Lower; Serious Near-Term Technical Damage Inflicted

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Comex gold futures prices have slumped to a fresh four-month low of $1,599.30 as of this writing at late morning Tuesday. The market has dropped below what was strong technical support at the April low of $1,613.00 an ounce, and below psychological support at $1,600.00. A rallying U.S. dollar index and solidly lower crude oil prices have helped to send gold and silver prices sharply lower Tuesday. The “risk-off” trading day in the market place Tuesday is also adding selling pressure to the precious metals. Serious near-term technical damage occurred in gold with Tuesday’s sharp price drop. Read more

China Q1 gold imports up six-fold YoY

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By Lawrence Williams

China looks as though it could be well on the way to overtaking India as the world’s largest gold consumer this year as the import data through Hong Kong  – seen as a proxy for China’s total imports, which may be far higher - have continued to surge, growing six-fold from the same quarter a year ago.

According to figures published yesterday, Q1 imports through Hong Kong totalled 135.5 tonnes from 19.7 tonnes a year earlier Read more

Gold drops to four-month low on eurozone uncertainty

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By Frank Tang

Gold fell below $1,600 an ounce on Tuesday for the first time since early January, losing more than 2% as a lower euro and uncertainty over the European debt crisis triggered a technical sell-off.

Silver Falls toLowest Since January,China and India Could Offer “Key Support” for Gold

London Gold Market Report

fromBen Traynor

BullionVault

Tuesday 8 May2012,07:45 EDT

Silver Falls toLowest Since January,China and India Could Offer “Key Support” for Gold Read more

A.M. Kitco Metals Roundup: Comex Gold Lower Amid a “Risk-Off Trading Day, But Some Safe-Haven Buying Seen

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Comex gold futures prices are trading modestly lower Monday morning as traders and investors are digesting elections in France and Greece that may set back recent austerity measures regarding dealing with the European Union’s sovereign debt crisis. Stock and commodity markets, including the precious metals, are feeling the negative effects of a “risk-off” trading day Monday. Read more

Village Evaluating 1 Billion-Rand Offer for Tau Mine

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By Jana Marais

Village Main Reef Ltd. (VIL) rose the most in two weeks after the South African gold miner said it’s evaluating an unsolicited binding offer of 1 billion rand ($127 million) for its Tau mine from Tannous Investment Group.

The offer amount for the Tau Lekoa mine near Orkney, southwest of Johannesburg, Read more

rI at the close, May 4, 2012

Canada’s TSX exchange sneezed away the entirety of its 2012 gains on Friday, helped along by rough employment numbers out of the US Department of Labour and nagging uncertainty over Europe’s competence in handling its economic affairs. Read more

Comex Gold Rallies on Short Covering, Bargain Hunting in Wake of Tepid U.S. Jobs Data

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Comex gold futures have pushed above unchanged and are trading near the daily high in late-morning dealings Friday. The weaker-than-expected U.S. employment report issued earlier Friday has prompted some short covering and bargain-hunting buying interest in gold following recent selling pressure. Read more

San Dimas gold-silver mine lifts Primero Mining adj profit nearly twelve-fold

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Primero Mining Corp’s first-quarter adjusted profit jumped nearly twelve-fold on higher production at its San Dimas gold-silver mine in Mexico, and said it expects to make a mill expansion decision in the third quarter. Read more

Gold Rallies Following Disappointing Nonfarm Jobs Data, Gold in PoundsTouchesLowest Level This Year, Fed Interest Rates “Too Low” by Taylor Rule

London Gold Market Report

fromBen Traynor

BullionVault

Friday 4 May2012,09:00 EDT

Gold Rallies Following Disappointing Nonfarm Jobs Data, Gold in PoundsTouchesLowest Level This Year, Fed Interest Rates “Too Low” by Taylor Rule Read more

Big gold producers spending faster than earnings rise

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By Liezel Hill

Capital spending by the largest gold producers is increasing at a faster pace than earnings for a second straight year as the industry’s biggest mining projects are beset by delays and surging labour costs.

Barrick Gold Corp. said Wednesday it’s reviewing cost estimates for its US$5-billion Pascua-Lama gold and silver project on the Chile-Argentina border because of wage and raw-materials inflation. Newmont Mining Corp. may have to raise the US$4.8-billion budget for its Conga mine in Peru after political opposition. Read more

2012 a transformational year, revaluation imminent, says Temex CEO

www.temexcorp.com  •  416.862.2246 

 

 

 

 

 

Temex Resources (TSX-V: TME) CEO Ian Campbell smells success in exploring an old mining camp. But  then again, the Whitney Gold Project is not just in any old mining camp; it hosts the Hallnor Mine, a multimillion ounce past producer and the highest grade past-producing mine in Timmins, Canada’s largest gold camp. Whitney has been outlining some stunning gold assay results,  including  hole TW11-145 with an intercept of 8.80 metres grading 37.90 g/t gold and 0.50 metres grading 648.13 g/t gold. This year, Temex will continue to rapidly accelerate Whitney along with the company’s other main project, Juby Gold in Gowganda, northeastern Ontario. Campbell shares why the next several months will be transformational for Temex and discusses the catalysts that would enhance shareholder value.

(Note: Temex has announced quite a lot of drilling news since this interview in early March 2012. The company’s initial drill program at its new Golden Lake Property contiguous to the west of the Juby Main Zone has commenced. In addition high grade gold mineralization was intersected in the Q Zone along with broad zones of gold mineralization in the Upper Hallnor zone on the Whitney Project. Look up the excellent gold intervals on by clicking here.)

Read more

Romania May Ask Gabriel for Revised Mine Plan, Mediafax Says

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By Andra Timu

Romania may ask Canada’s Gabriel Resources Ltd. (GBU) to revise its Rosia Montana gold mine project after a court annulled a previous zoning plan last month, Mediafax said, citing outgoing Environment Minister Korodi Attila.

A team of lawyers advised the ministry that the lack of a valid plan may hurt the project’s permitting process, which is being conducted by a special commission, Korodi, Read more

A.M. Kitco Metals Roundup: Comex Gold Lower amid Bearish Outside Market Forces

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Comex gold futures prices are trading lower again Thursday morning as the key outside markets are again in a bearish posture for the precious metals markets. The U.S. dollar index is firmer and crude oil prices are weaker.  June gold last traded down $7.30 at $1,646.70 an ounce. Spot gold was last quoted down $7.60 an ounce at $1,646.50.  July Comex silver last traded down $0.17 at $30.475 an ounce. Read more

Gold “Lackluster” in “Calm Before Storm” as Record-High Rupee Prices Boost Indian Speculation, Dent Physical Demand

London Gold Market Report

from Adrian Ash

BullionVault

Thurs 3 May, 08:50EST

Gold “Lackluster” in “Calm Before Storm” as Record-High Rupee Prices Boost Indian Speculation, Dent Physical Demand Read more

A.M. Kitco Metals Roundup: Comex Gold Lower amid “Risk-Off” Trading Day, Firmer U.S. Dollar Index

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Comex gold futures prices are trading lower Wednesday morning as investor risk appetite has shrunk a bit due to fresh worries coming out of the European Union. The key “outside markets” are also in a bearish daily posture for the precious metals Wednesday, as the U.S. dollar index is higher and crude oil prices are weaker. June gold last traded down $10.00 at $1,652.50 an ounce. Spot gold was last quoted down $11.10 an ounce at $1,651.50.  July Comex silver last traded down $0.30 at $30.63 an ounce. Read more

Patterns in gold price puzzling – but understandable

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By Lawrence Williams

Are we seeing some interesting resilience in the gold price?  Despite reported continuing subdued demand from the Indian subcontinent – one of the major drivers in physical gold consumption – and yet another strange trade on COMEX on Monday which knocked the yellow metal back $14-$15 in a single minute, gold rapidly regained its poise that day and after a flat start yesterday did, at one time, breach the $1670 level, although not for long. Read more

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