Gold climbed above $1,700 an ounce Monday in the wake of a credit downgrade on the United States by Standard & Poor's, causing a plunge in stocks on the Dow Jones, TSX as well as other international markets.
Insecurity over Italy’s financial stability make it the latest target of Euro Zone contagion fears and call into question the place the role of gold.
If the “doom and gloom” predictions of the global economy’s future do come to fruition, many analysts predict the value of gold will continue on its long-term upward trend, topping $2000 US per ounce in the next couple of years. “It is not unreasonable with all the issues – the sovereign debt, municipal debt, huge trade deficits, and the cost of carrying – that gold will hit $1600 an ounce this year and $2000 an ounce in the next one to three years,” said Wayne Atwell, Managing Director at Casimir Capital.
The 2010 Toronto Resource Investment Conference, held on September 25 and 26, provided an interesting context both to gauge the overall health of the resources sector and to reconcile the early stage recovery jitters and uncertainty that continue to weigh heavily on investors minds.
Caught in low literacy rates, high unemployment and foreign debt, Ghana is reliant on its select few commodity sectors for revenue. For full story, click here
Debt, equity and gold exchange-traded funds have all participated in the mutual fund industry’s run to the Rs 6 lakh crore-mark, achieved in May. Navneet Munot, chief investment officer at SBI Mutual Fund, stated: Overall, the systemic liquidity has improved and the money is coming into fixed-income funds. For full story, click here
Teck Cominco Ltd. announced that it has sold another gold mine as the company grapples with a massive debt load from its Fording takeover. For full story, click here
Teck Cominco Ltd. declared a gold deal aimed at lowering capital funding costs and paying down debt, but investors are saving their enthusiasm for a big-money transaction that will put a serious dent in multibillion-dollar loan payments coming due later this year. For full story, click here
Barrick Gold has declared a debt securities sale worth $750 million in aggregate principal notes that are due to mature in 2019 at a 6.95 per cent rate. For full story, click here
By Kishori Krishnan Exclusive To Gold Investing News With friends like these, who needs enemies? Silver and gold have a new best friend amongst their midst – Ben Bernanke. His pronouncement has engineered one of the last decade’s most dramatic turnarounds, with gold price leaping nearly 60 bucks and silver joining in the melee with a [...]
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