Price of Gold $1600 - New Record

The Cash 4 Gold blog recently reported a high price of gold last week, and hinted with a prediction of a new gold price record that would break the $1500’s gold price range. Today, that estimate has become fact, as gold has officially reached a new record, with, for the first time in history, a breaking price of $1606.16.

Just a week ago, the price of gold had peaked at $1590.52 with many financial experts predicting the price would continue to upwards. The Chart above shows the growth of the price of gold over time. In just six months, gold’s value rose $221.70.

Owners, speculators, and investors of gold are now looking to the obvious first question since the peak of gold prices. “What are the reasons for the increasing price of gold?” Demand for gold plays a large roll in its price, and countries like China and India have become more and more involved in the big picture of gold over the recent years. China recently became the number one gold consumer in the world, and India continues to demand gold at high levels.

“The World Gold Council (WGC) estimates that jewellery and investment demand from these Asian countries represented about 40 per cent of total global demand in 2010, and that demand from India is expected to grow overtime.”

With an increase in demand and the ever changing world economic markets, gold has now set a new record price and promises to maintain its wealth and rarity over time. With the price of gold now over $1600, there has never been a better time to sell unwanted or unused scrap gold for the best possible price. Visit www.Cash4Gold.com to find out how you can get real cash for your unwanted or unused gold.

Top Gold Producing Countries in 2011

2011 has been a momentous year for gold, with increases in the price of gold, investments, and gold production. Countries all around the world have been producing gold at a increasing rate throughout the year. China and India have been especially prominent figures in the gold market and have established new heights in record buying gold. Gold production remains one of the most important reasons behind all the important gold events of the year, and many of the top producers of gold have seen important changes over time.

China- China has become the world’s number one producer of gold with 345 tonnes of gold produced this year. Unlike many other countries that are declining in gold production as the price of gold rises to catch up with economic value, China is planning on producing even more gold and predicts up to 400 tonnes in gold production for next year.

South Africa- Known historically as a top producer of gold, South Africa’s gold production has actually declined as China has taken the spotlight in production. South Africa has seen an 80% drop in gold production within the last 40 years. Although South Africa’s production has been in decline, it is still historically considered one of the largest gold producers amongst the general population.

Russia- Russia has become slightly more interested in gold purchases as it tries to compete with India and China. Russia plans to purchase large amounts of gold in the upcoming years, although its current production of gold has remained generally unchanged at about 190 tonnes.

Canada- Canada produced over 166 tonnes of gold in 1964, well under Russia’s current average. However since the 60s, gold production in Canada has remained below the 166 tonnes mark. In 2010 they produced only 90 tonnes of gold.

The U.S- The production of gold in the U.S is currently well above the averages of many of the top gold producing countries and only slightly below Australia and China each the respective second and top producers of gold in the world. Although the U.S has not produced as much gold as it did in the past, the nation currently produces a healthy 230 tonnes of gold.

These are the top gold producing countries in the world; however many other smaller countries also produce gold such as Colombia, Kazakhstan, Mali, Mexico, Chile, and many more.

Sources: http://news.goldseek.com/Dani/1309290922.php

Chinese Gold Panda

Following China’s sudden and unprecedented purchase of 90.9 tons of gold at the close of the year’s first quarter, the price of gold and China’s place in the record books has changed dramatically. As the now number one country in gold consumption, China’s role in the price of gold is being evaluated around the clock by gold investors and consumers. Today, the Cash4Gold blog takes the time to look at what might become one of the most important gold coins of the future due to China’s current important involvement in all things gold.

The Chinese Gold Panda is a 99.9% fine gold coin issued by the People’s Republic of China. The “China Gold Coin Corporation” is the official distributor of the coin to the public, and has been distributing the fine gold pieces since 1982. The newest Gold Panda will begin circulation on June 28, 2011, and features the official WWF (World Wildlife Fund) insignia and Panda. These pure gold coins are fully functional as legal tender in China; silver coins are also produced and distrusted.

Photo and sources: http://www.chngc.net/EnVersion/

Price of Gold rises again; China becomes World’s Newest Largest Gold Consumer

It was only a few weeks ago that the Cash 4 Gold blog published two posts on the consumption of gold in India. A blog post was published on India’s Gold consumption and its holdings in gold investments which made it the largest consuming country of gold in the world. The Cash4Gold blog also covered the Akshaya Trihiya Gold Festival in India and one of its top priced items, the Shree Yantra. But now, a new country has recently taken the crown, becoming the new largest consumer of gold…

China has become the top consumer of gold, surpassing India in gold reserves and investments. The World Gold Council (WGC) reports that China’s total purchase of gold in the first quarter of the year comes to a total of 90.9 tons. India’s top gold holdings are now at 85.6 tons, falling for the first time into the number 2 spot behind china at a 2% decrease.

Though China has surpassed India in the being the largest consumer of gold, India still plays a vital role in gold consumption. Together, China and India accounted for almost half of all gold demand worldwide (estimated at 41%).

The surge of Chinese interest in gold has also played yet another role. The Price of gold has raised yet again thanks directly to new Chinese gold investments. Passing the $1,500 mark for the second time this year the price of gold rose to $1,501.50 per ounce.