Surge in gold prices and the national government’s dollar loan proceeds soared up the Philippines’ foreign exchange reserves last month. World Bank and the Asian Development Bank Governor, Amando M. Tetangco said: These inflows were partly offset by payments of maturing foreign exchange obligations of the NG and the BSP. For full story, click here
Agnico-Eagle Mines Ltd., a Toronto-based gold producer, says it has increased its estimate of gold reserves by eight per cent to a record 18.1 million ounces after a successful exploration program last year. For full story, click here
Malaysia’s gold, tin, coal, nickel, limestone and bauxite reserves are estimated at RM235bil, all of which are waiting to be fully tapped. For full story, click here
By Kishori Krishnan Exclusive To Gold Investing News There is only one question doing the rounds – Will US President-elect Barack Obama be able to arrest the root of terrorism? Obama’s tacit admission that “My administration will remain steadfast in support of India’s efforts to catch the perpetrators of this terrible act (the Mumbai terror [...]
By Kishori Krishnan – Exclusive to Gold Investing News With the price of oil falling more than 60 per cent from a peak in July, Iran has converted its financial reserves into gold to avoid future problems. Iran, the world’s fourth-largest oil producer, is facing declining revenue from its oil exports after crude prices tumbled. [...]
South Africa’s gold and foreign currency reserves dropped last month as the price of bullion declined. Danalee van Dyk, economist at Standard Bank Group Ltd. said: The lower reserves reflect valuation adjustments because of the lower gold price. There was also substantial volatility in the exchange rate of the rand, which provided less scope for [...]
By Kishori Krishnan – Exclusive to Gold Investing News Stock markets are down and so is the price of the yellow metal. Gold fell for the second day in Asia, extending a monthly drop that may become the worst in more than 25 years. The reasons being cited – a stronger dollar and decline in [...]
Marathon PGM Corp. reports an updated in-pit resource estimate for its gold-copper project. This in-pit resource will be used as the basis for a Definitive Feasibility Study, which is on schedule for completion during 2008. The metal prices used for the reserves will be more conservative and the mining costs will be higher than the resource, [...]
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