GATA Questions Gold and Cash Reserves

The Gold Anti-Trust Action Committee (GATA) has run an advertisement in Roll Call that is an Open Letter to Senate and House Banking Committee Members.

Highlights of the article include:

• GATA believes that the gold market is being “recklessly manipulated and now poses a serious risk to the international financial system”.
• Annual gold demand, currently at record levels, exceeds mine and scrap gold supply by more than 1500 tons.
• With demand outweighing supply, the price of gold should be rising steadily.
• According to the Office of the Controller of the Currency, the notional value of the off-balance-sheet gold derivatives on the books of U.S. commercial banks exceeds $87 billion – which is greater than reserves by over 8000 tons.
• Too much gold is being consumed at too cheap a price, which could threaten the economic crisis further.

Find more information at www.gata.org.

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More Gold Predictions at $1,000 an Ounce: Sell Your Gold as Prices are High

Another prediction has surfaced of gold reaching $1,000 an ounce in the near future.

Toronto-based Goldcorp, Inc.’s (TSX: G) CEO Kevin McArthur has claims that “We continue to believe gold’s status as a safe haven in times of global uncertainty is real.” McArthur has stressed that this is a long-term view, yet they predict “we will be seeing a four-digit gold price in the not-too-distant future.”

Barrick Gold Corp’s President has also stressed that he believes gold prices are on the rise.

The most recent high for gold prices was at $1,032 per ounce in March. Friday, October 31st, gold was priced at $723.70 per ounce.

Goldcorp claimed profit up $75.8 million this year, above predictions of Thomson Financial. Importantly, Goldcorp remains debt-free and holds over $450 million in cash and equivalents.

The company claims that production in Mexican and Canadian mining operations have increased and are highly profitable. McArthur has stated that he looks forward to “continued improvements moving forward”.

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AMEX Gold BUGS Index

There are two major gold indices that dominate the gold market. These are the Philadelphia Stock Exchange's XAU and the AMEX's Gold BUGS Index.

The major difference between the two is that the BUGS index is comprised exclusively of mining stocks that will not hedge their gold positions more than a year-and-a-half into the future. This practice of unhedging their gold futures makes the BUGS Index much more profitable than the XAU as long as gold prices are rising. When gold prices are dropping however, losses are compounded. BUGS is an acronym for B asket of Unhedged Gold Stocks. The index was introduced on March 15, 1996 with a starting value of 200 .

The most positive characteristic of the BUGS index is that when gold prices are on the rise, the Gold BUGS Index is an excellent way for investors to capitalize on that increase. The index has a high correlation to the current market price of gold. The drawback of the BUGS comes when the price of gold declines. The unhedged Gold BUGS Index falls much faster than its hedged cousin, the XAU. Another issue is that the gold BUGS has an unusual index weighting system can be difficult to understand .

The composition of AMEX Gold BUGS Index is made up of 15 of the nation's largest “unhedged” gold mining stocks . It is a “modified equal-dollar weighted” index. The result is that most of the index's component stocks are equally weighted. Despite the equality the largest stocks still carry a greater weight than the smallest .

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Agnico-Eagle Mines invests $50 million in Gold Eagle Mines

Agnico-Eagle Mines Ltd. has purchased a $50-million stake in Gold Eagle Mines Ltd. through a private placement. Based in Toronto, Agnico-Eagle will now hold a 7.2 per cent interest in Gold Eagle Mines. This transaction saw Agnico purchasing 5.5 million units of Gold Eagle at $9.05 per share. each share is comprised of one common share and one half of a share purchase warrant, each of which entitles it to purchase one share of Gold Eagle at $10.15 for 36 months.
Gold Eagle owns the Bruce Channel gold discovery in the Red Lake Trend of northwest Ontario.
"Our investment in Gold Eagle is a strong indication of the quality and potential of the high-grade Bruce Channel discovery," Agnico-Eagle CEO Sean Boyd said in a statement.
"Agnico-Eagle has recently accumulated a property position in the Red Lake area and this investment increases our exposure to this world class gold camp and is consistent with our strategy of investing in promising gold development opportunities."
Shares in Agnico-Eagle were up $4.66, nearly seven per cent, at $71.40 in midday trading at the Toronto Stock Exchange. Gold Eagle stock jumped 16 per cent to $9.15.
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Dragon Mountain defines Zhao Gou gold

Dragon Mountain Gold Ltd., a gold explorer, has defined a maiden 1.1 million ounce gold resource at the Zhao Gou deposit at its majority-owned Lixian gold project in central China. This is a very exciting gold discovery as China is rapidly becoming one of the world's largest gold producers."This is the first of several known deposits within the LiBa lease at Lixian and marks our first step towards building a substantial JORC-compliant resource inventory," managing director Andrew Richards said in a statement. "Already the Zhao Gou resource represents a 120 per cent increase to the mineralisation identified by previous Chinese workers. We believe there is more to come.""Our exploration continues to demonstrate the prospectivity of this region, with the potential to host very large deposits as well as high-grade mineralised zones within those deposits."At Cash4Gold.com we will always pay you the highest price for your gold. Simply check our website to see what we will pay you for your unwanted gold scrap and broken gold jewelry.

Gold Fields ordered to halt Kloof mine operations

Gold mining by Gold Fields was ordered to be halted Gold Fields at the Kloof mine by the Department of Minerals and Energy. The cease was ordered after two gold miners lost their lives just as the gold mining operation reached a staggering 1 million fatality free shifts. The Department of Minerals and Energy halted activity at the rest of Kloof to carry out remedial work in working places before it reports back to the mine inspector who could lift the order Friday. Two workers lost their lives around 02:17am Thursday when ground fell in shaft four as they were cleaning in a stope about 3,000m below the ground. Gold Fields spokesperson Andrew Davidson said the fatalities at Kloof's four shaft took place just after the company reached one million fatality free shifts at the gold mine yesterday and was a tragedy. He also said shaft four would probably not be back in production Friday as work here has been delayed by the inspection and no blasting took place Thursday, while the resumption of production at the rest of Kloof would depend on the inspector's order. He said the rest of the mine did carry out blasting work this morning. Gold Fields confirmed its operations have undergone the presidential safety audit that was launched in the country. Its results are yet to be released. The company is continuing its independent audit of all operations to establish if all mining areas are safe for work. Gold Fields estimated it lost 20kg of gold Thursday from the shaft.Do your own gold prospecting in the comfort of your own home! Gather your broken gold, unwanted gold scrap and gold coins and send them to us. We will pay you top dollar for your unwanted gold.

Aultra Gold Inc. Announces Corporate Actions to Secure First Round of Financing

The process of acquiring funds to move forward on their gold projects has been announced by Aultra Gold Inc. Negotiations have begun and the Company hopes to be able to announce the completion of this funding within the next 45 days. Initial funding could be within two weeks. Aultra Gold, Inc. is committed to the exploration, acquisition, development, and mining of gold, other precious metals mineral properties. Aultra Gold also conducts minerals development, including exploration, evaluation and development drilling, feasibility studies and ultimately, permitting, construction, and operation of gold and other mining properties. The company is seeking to obtain financing not only of the projects already discovered but is also very actively working on acquisition and merger opportunities to continue the growth and diversification of Aultra Gold."We are acquiring properties that allow cost effective evaluation and development, with potential for strong cash flow. Our strategy is to raise the capital to acquire and advance potentially large gold properties such as Jungo and Basin Gulch, which we already control, and to acquire and discover additional high quality properties. Advancing these large properties will strengthen our shareholder base, and accordingly, shareholder value," stated Rauno Perttu, President of Aultra Gold Incorporated. The Basin Gulch, Montana Property was discovered by AGDI's chief geologist. This property has drilled and projected open-ended mineralization in excess of 2.45 million ounces. Aultra Gold, Inc. plans to expand and mine high-grade zones and to explore untested large-scale underground targets. The Jungo Property was introduced to Aultra Gold by a local mining engineer, William Hansen.Discover what rising gold prices can mean to you. gather your unwanted gold, scrap gold and broken gold jewelry and send it to us. Our refiners pay you the most for your gold.

Gold slips on dollar rise, but oil supports

Gold prices dipped lower as the dollar rose from its one month low. Spot silver and other precious metals followed gold's lead.

"Gold is not showing any particular propensity to move either way at the moment. There's some key economic data out this week which will have an influence on gold's direction," said Daniel Hynes, metals strategist at Merrill Lynch. "Until we get a better feel of the short term outlook, it's going to be rangebound. Gold has really struggled to push above the $925 mark and when it has, it's been sold off pretty well."

The euro's one-month high against the dollar has also slipped, a sign of consumer concerns that the euro zone economy is beginning to show cracks. Investors are also awaiting new data this week from the Federal Reserve expecting a clearer picture of the US economy. However, the rise in oil prices due to North Sea production issues and a Nigerian pipeline explosion are keeping fears of inflation high and have halted falling gold bullion prices.

"Volatility looks set to remain high in the coming days, with the dollar and oil to continue providing much of the metals intra-day direction," James Moore, analyst at TheBullionDesk.com said in a report.

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Gold ends Higher

Rebounding oil prices and a softening dollar sent gold prices higher on Monday. Spot gold rose as high as $897.10 an ounce. Gold usually follows crude oil price moves. Gold is also often bought as a hedge against inflation. Ignoring a report from Standard & Poor's cutting ratings on many major US securities firms and sending stocks lower, gold and gold futures both saw a rise in their pricing. UBS Investment Bank told clients that gold seemed much more balanced now, waiting for direction from crude oil or from the currency market. Rising oil prices further boosted the price of gold. Despite the consistent climb in crude the gold market is still expected to basically remain rangebound.

"At the moment, physical demand is not very strong and in the summer, investment demand is not strong either," said Lehman Brothers analyst Michael Widmer.

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Gold Jewelry Trends

Record setting gold prices (http://lfpress.ca/newsstand/Today/Fashion/2008/04/29/5416196-sun.html) are reminding shoppers that gold is indeed a precious metal. Yellow gold has always been popular but in the last decade sterling silver and platinum have increased in popularity. When gold hit $1,000 an ounce in March, the tide began to turn back to gold.

As gold prices come back down, gold will remain an attractive accessory. Demand for gold jewelry was up 22% in 2007 over the previous year, according to the World Gold Council.
Women buy jewelry because they love it, but there is a certain attraction due to awareness of the value of gold. Gold also gives more creativity in design because gold can be shaped and shaded in new ways. Gold has been paired with complementary stones. Golds have also been alloyed to greate black gold and rose gold in addition to yellow and white gold. Mixing precious metals has become popular again for jewelry on the heels of a similar boom in the tabletop market.

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Gold Prices Decline

Gold fell on Tuesday prompting investors to turn their back on the precious metal ahead of this week’s Federal Reserve meeting on interest rates.

Gold prices usually follow the rise or declne of the dollar. This is because gold is so often used as an alternative investment to currencies, stocks and bonds. The Fed meeting will set the tone for monies, gold and other precious metals, said dealers.

Gold fell to $887.50/888.50 an ounce late in New York on Monday. This happened when gold hit a mid day high of $895.50 an ounce due to speculative buying driven by record high oil.

“Everybody is waiting for the Fed,” said Ronald Leung, director of Lee Cheong Gold Dealers in Hong Kong. “I think gold has to stay above these levels before it can charge higher again. The range is still the same at between $880 to $900 for today and tomorrow.”

Gold was still trading well below a lifetime high of $1,030.80 an ounce. People have started to sell their gold because of a weakening euro. Falling oil prices also triggered some selling. Weaker oil prices reduced gold’s appeal as a hedge against inflation.

Gold futures for June delivery on the COMEX division of the New York Mercantile Exchange fell $6.0 an ounce to $889.5 an ounce.

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Gold market becomes big business in New England

A growing number of New Englanders are turning to a more traditional form of wealth – the booming gold market.Pirates have always known its value, but in 2008, they’re not the ones trading in gold. With the price of gold soaring past 900 an oz exchanges in New England are swamped with customers hoping to cash in on their old gold jewelry, gold rings and gold watches.

In times of uncertainty, flee to the safety of hard assets such as gold and silver. Bullion is big with people down on the dollar. Before it’s over we’ll see gold keep climbing and turn those gold class rings and other gold pieces into a mini gold mine.

Most sellers shouldn’t expect to get the posted gold price per ounce because gold jewelry isn’t pure gold. Our customers however, receive MORE than the posted gold prices because our refiners pay 5% over gold’s current market value for your gold jewelry and gold scrap! Request our free refiner’s kit (http://cash4gold.com/) today!

Gold rises 1 percent on strong oil prices

Gold rose more than 1 percent on Monday as oil prices and positive market sentiment prompted investment in gold, a traditional hedge against inflation. Gold rose as high as $908.40/909.20 late in New York on Friday. But gold is still 10 percent below a record high of $1,030.80.

Gold is reacting to a rise in oil prices. The gold market has also witnessed buying from jewelers at gold price dips, helping gold rebound from a two month low of $872.90 an ounce touched last week. Gold prices remain reasonably stable due to jewelers spending. Longer term, investors remain positive about gold and further dollar weakness could quickly result in gold prices resuming their upward trend.

The rise in gold prices is an excellent opportunity for our customers to exchange their unwanted gold and gold jewelry for fast cash. Our gold and precious metal refiners are willing to pay 5% more than current market value for your unwanted gold and gold jewelry.

Gold’s Volatility

Macroeconomic factors such as the decline of the US dollar, the collapse of credit markets, the deflating of the world real estate bubble, the failure of banks and hedge funds, etc., are now joined by rising tides of speculative money moving in and out of gold seeking short term gain, thus subjecting the price of gold to increasingly volatile price swings. A sign that gold is increasingly a haven in uncertain times, large investment funds move in and out of gold as global economic uncertainties wax and wane. Gold’s volatility will continue until this stabilizes.

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Mid-Week Gold Report - March 25, 2008

Last week the price of Gold rose to its all time high of about $1,033 per ounce. Since then it has fallen approximately 10% due to last weeks news that interest rates had been lowered for the 5th straight time.

At the close of today's market, shares of gold companies increased as the price of precious metals increased too.

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Understanding The Price Of Gold

An interesting fact is that in 2005, 70% of the Worlds demand for Gold was used for the production and consumption of jewelry. There are two distinctive markets for gold, the market that uses gold as an investment and the market that uses gold for adornment. The Middle East, and Europe gold market primarily uses gold for investment, while the Americas uses gold for adornment. Both markets are equal in size.

A recent article we found on Slate.com says the following about the price of gold:

While consumers are reacting to expensive gold by demanding less of it and recycling more, investors are reacting by bidding up the price further. And just as has been the case with every asset class over the past decade—real estate, Brazilian stocks—strong performance attracts a tidal wave of hot money.

Cash4Gold.com are gold refiners and are also America's #1 buyer of unwanted, broken, and scrap gold. It is our job to understand the Gold Market and we see the need to buy unwanted gold to invest and put back into the world economy. That is why we pay more for your gold then our competitors.

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