Saturday 3rd December 2016

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Posts tagged ‘italy’

Canada’s gold sell-off bucks international trend

February 15th, 2016

by Greg Klein | February 15, 2016

Canada’s gold sell-off bucks international trend

With no help from Canada, central bank gold purchases totalled
588.4 tonnes last year, second only to the 2013 record of 625.5 tonnes.
Chart: World Gold Council

 

Other countries have been net buyers of gold since 2010, but not Canada. The Great White North has less than one tonne left, the CBC reports. Last year’s reserve was modest enough, but still stood at over US$100 million through most of 2015. Recent selling drove the stash down to $19 million by February 8, according to finance ministry figures cited by the network.

Canada’s gold sell-off bucks international trend

Photos: Royal Canadian Mint

They show sales of 41,106 ounces in December and another 32,860 ounces the following month, all in maple leaf coins. That left 21,929 ounces at the end of January, which the Bank of Canada called “negligible,” the CBC stated.

Gold’s recent price spike, which on its February 11 peak had some retailers offering over C$1,780 for one-ounce maple leafs, had nothing to do with the sales, finance ministry spokesperson David Barnabe informed the CBC.

“The government has a long-standing policy of diversifying its portfolio by selling physical commodities (such as gold) and instead investing in financial assets that are easily tradable and that have deep markets of buyers and sellers,” he stated in an e-mail.

That seems to be at odds with the policies of other countries. The World Gold Council attributes the metal’s attraction to other central banks to the “size and diversity of gold supply and demand,” which means it’s “highly liquid and remains so throughout periods of uncertainty. Gold’s historic lack of correlation with other reserve assets and negative correlation to the U.S. dollar mean it is commonly used to manage market risk and improve portfolio performance.”

Central bank buying “surged” in H2 2015, according to WGC figures released February 11, “resulting in the second-highest annual demand in our records.”

With Canada apparently among the exceptions, central banks have been net buyers of gold since 2010, “driven in part by uncertainty over the future of the international monetary systems and the need to diversify reserves,” the WGC stated.

But the CBC found, “Our gold holdings amount to less than 0.1% of the US$82.6 billion that Canada has in official international reserves.” The world’s largest officially reported hoard belongs to the U.S., with its 8,133.5 tonnes making up 72% of total American reserves in 2015, according to the WGC. Following the U.S. is Germany (3,381 tonnes, or 66% of reserves), Italy (2,451.8 tonnes or 64%) and France (2,435.6 tonnes or 60%). To consider a country more comparable with Canada, Australia reported 79.9 tonnes, or 6% of reserves.

Among those selling gold last year, the WGC noted Germany (3.2 tonnes), El Salvador (5.4 tonnes) and Colombia (6.9 tonnes).

Canada held more than 1,000 tonnes of gold during the 1960s, the CBC stated.

June 8th, 2015

Italy accuses Chinese bank in massive money laundering investigation Stockhouse
The real value of gold in the ground: Part 3 GoldSeek
Sprott wringing value from aged bull market NAI 500
How to ride the lithium battery boom: JGL Partners’ Jonathan Lee Equities Canada
Yukon Premier Darrell Pasloski: Our goal is to be the number one mining location Streetwise Reports
Strict specifications: UK frac sand potential Industrial Minerals
Great deposits of the world—Hishikari, Japan Geology for Investors

June 5th, 2015

Italy accuses Chinese bank in massive money laundering investigation Stockhouse
The real value of gold In the ground: Part 3 GoldSeek
Sprott wringing value from aged bull market NAI 500
How to ride the lithium battery boom: JGL Partners’ Jonathan Lee Equities Canada
Yukon Premier Darrell Pasloski: Our goal is to be the number one mining location Streetwise Reports
Strict specifications: UK frac sand potential Industrial Minerals
Great deposits of the world—Hishikari, Japan Geology for Investors

Copper price jumps again as global manufacturing gathers pace

September 3rd, 2013

by Frik Els | September 3, 2013 | Reprinted by permission of Mining.com

The spot copper price enjoyed another strong session on Tuesday, adding more than 2% to its gains yesterday to a high of $3.32 a pound.

By early afternoon the red metal was trading at $3.30 on Comex in New York, up 2.2% or $0.0725 from Monday’s close.

The move higher on Tuesday amid a generally strong day for mining and metals was driven by good manufacturing numbers from China and the UK on Monday, followed by data showing surprisingly strong industrial activity in the Eurozone and continued recovery in the U.S. out on Tuesday.

UK order books and output grew at their fastest pace in almost two decades in August while Eurozone manufacturing data released Monday showed the recovery in Germany spreading to laggards Spain and Italy.

On Monday, official Chinese non-manufacturing purchasing managers data dipped slightly but new orders showed a sharp increase setting up strong growth over the coming months, according to the National Bureau of Statistics.

The non-official index of the manufacturing sector out last week also provided a pleasant surprise to markets, rising above 50 for the first time in four months, indicating expansion.

U.S. manufacturing also showed improvement. While top line growth shrunk, inventories fell dramatically with demand outstripping available supply last month.

Copper gained 4.5% in August, a second month of gains, and hit a two-month intra-day high of $3.38 in the middle of last month.

Copper has also rallied more than 8.5% from the intra-day low of $3.03 hit at the end of July.

Reprinted by permission of Mining.com