Nov 18, 2009

The Gold Price Today effect

The Gold Price Today effect
This week as we sat down with a coffee and ran through the gold news we stumbled upon the unusual story that Scotland is hiding gold, and apparently not just a wee amount. Scotgold, the Australian-funded mining company, have found deposits of gold around Tyndrum, a small Scottish village. They’ve also announced they are going to ask for planning permission to start mining approximately 4.5 million tonnes of gold at their Canonish mine, again in Scotland. This mine was drilled twenty years ago and it’s never been commercially worked…A week ago Gold Fields announced they aim to produce 1m ounces from South America by 2015. All across the board we’re seeing mining companies motivated by the current surge in gold prices.

The gold price has shaped companies that rely on it and this doesn’t just include miners. This week Franco-Nevada, the mining royalty company said it experienced record gold royalty revenue for the third quarter.

The Gold Fever grips politics

Gold PriceThe strength of the gold price has led to political maneuvering. We see changes in government policies as a direct result of a high bullion value…

But where the price of gold goes up it’s usually in the face of other currencies going down, as we mentioned in our dollar gold relationship article a few weeks back. When you factor in the South African state run utility company, Eskom’s, proposal to triple power tariffs, an appreciating currency doesn’t seem so enviable.

As the gold price continues to hit new highs watch out for all it’s related statistics on our website… and hold your breath till next week.

Gold futures higher after passing $1,150 level

Gold futures higher after passing $1,150 level

Gold rallied to yet another record high Wednesday, as weakness in the dollar weakness continued, along with the trend of borrowing the U.S. currency at low cost and using it to buy the metal and other commodities.

Gold for December delivery hit an intraday high of $1,153.40 an ounce on the Comex division of the New York Mercantile Exchange.

December gold finished at $1,141.20 an ounce, up $1.80, or less than 0.1%. and see the gold price today effect.

Gold traders typically look at the consumer-prices report, which tracks inflation at the retail level, for direction, in light of the impact this data have on currency markets and on gold itself. The metal's widely viewed as a hedge against inflation.

Officials at the Federal Reserve charged with setting monetary policy also keep a close eye on consumer prices.

Gold is underpinned by "trends that are already in place rather than from new sparks of buying interest," wrote Tom Pawlicki, analyst at MF Global, in a note to clients.

And Scotgold isn’t the only one. The key is higher profit margins which makes some mines worth producing. RioZim , Zimbabwe’s largest listed resource corporation, is planning to increase gold production to 80kg from the current 60kg a month at its Renco mine. A week ago Gold Fields announced they aim to produce 1m ounces from South America by 2015. All across the board we’re seeing mining companies motivated by the current surge in gold prices… well not quite all, but we’ll come to that later.

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