In India, you're in gold's own country Nov 21, 2009
Considering this jump, the value of the country's privately held gold reserve, the highest in the world, has jumped from $357 bn to $547 bn, posting a rise of $190 bn (Rs 7 ... "Over a period of ten years, privately held gold reserves have increased significantly in the country as consumers have bought more gold to preserve their wealth," says Dharmesh Sodha, director, World Gold Council- India. (India Times, India -- Intl Business)
Gold price jump fails to light up revenues Nov 17, 2009
SA producers face falling gold reserves November 17, 2009 ... As the price of gold continues to surge to record highs, local producers face falling gold reserves and a strong unit, which reduces their rand revenues ... "The South African residual gold reserve after production through 2007 is only 2 948 tons, a little less than three times the 1970 production figure, and much less than 10 percent of the officially cited reserve.". (Business Report, South Africa)
RBI's big gold buy yields Rs 1500 crore Nov 13, 2009
With the latest purchase, the RBIs gold holding has increased from 358 tonnes to 558 tonnes, posting 55% rise in its gold reserve. This transaction is equal to 8% of the world annual mine production of the gold and it has catapulted India to ninth spot among government gold owners globally. (India Times)
World gold supply 'runs out'... Nov 12, 2009
Zeroes should be no obstacle considering that you and Gordon Brown who sold out the UK gold reserve at a fraction of todays price are in the leading club of ZEROES. You get the political leadership you deserve ... It is a good thing the pound is not backed by gold reserves, it will devalue quicker and the real fundamentals will drive its value, namely supply and demand ... Only a mindless socialist state would elevate to prime minister the person who sold half the country's gold reserves at the... (The Drudge Report)
Gold surge to record fuelled by US jobs data Nov 9, 2009
"Most central banks outside of the US and Europe have low gold reserve ratios," Calyon said in a note. "Those central banks with low reserve ratios and are keen to diversify into gold, notably those located in Asia, will be potential candidates to buy the remainder of the IMF's 203.3 tonnes of gold in an off-market purchase.". (Business Report, South Africa)
Gold at record, dollar down as Fed holds on rates Nov 5, 2009
"There is a long list of central banks which have very low gold reserve ratios, and in aggregate central banks should be net buyers of gold over the next year for the first time in 20 years," said Michael Lewis, head of commodities research at Deutsche Bank. Longer-dated US Treasury debt prices fell on worries over massive amounts of pending government debt supply. (Business Report, South Africa)
India climbs to tenth slot among top gold holders Nov 4, 2009
7% of assets, are said to be historically low, buying 200 tons in addition to the 358 tons it already holds is expected to bump up the gold reserves to more than 6 ... Commenting on the purchase, finance minister Pranab Mukherjee said, "It doesnt mean we dont prefer the dollar any more or like gold any better." Recalling the embarrassment of 1991, when India was forced to mortgage a part of its gold reserve, he said that when RBI recently asked whether it should invest in gold, he told the... (India Times)
Gold Reserve Shares Plunge After Chavez Takes Over Copper, Gold Mine Site Oct 28, 2009
Gold Reserve Says Venezuela Takes Brisas Mine Site (Update2) - Bloomberg ... Gold Reserve Says Venezuela Takes Brisas Mine Site (Update2) ... Gold Reserve 9 cents, or 8. (Bloomberg -- Latin America)
Freeport profit rises on higher prices Oct 22, 2009
Freeport's Grasberg mine in Indonesia contains the world's largest recoverable reserves of copper and the biggest single gold reserve. Type Size. (AZCentral -- Business)
IMF beats gold-auction drum Oct 2, 2009
By now the US Treasury has run out of arms to twist, after it has twisted the arms of smaller countries holding gold such as Belgium, the Netherlands, and Switzerland making them to sell their gold reserve. The recalcitrant US congressmen who had blocked the IMF gold sales in the past have been bought off. (Asia Times Online)
HSBC bids farewell to dollar supremacy... Sep 25, 2009
The Chinese are building a very large gold reserve, larger than has been published. It wouldn't surprise me if one day soon, the Chinese announced a fixed exchange rate between renimbi and gold by the gram/ounce. (The Drudge Report)
The Man Who Bailed Out the US and W... Sep 13, 2009
The governments gold reserves were down ... Morgan and his group replenished the gold reserve with ... He played the role of central banker, sold government bonds for gold (half obtained abroad through his foreign affiliates), and guaranteed to protect the gold reserve. (Suite101.com)
Web Exclusive: Free State gold project could be worth R16 bln Sep 9, 2009
The company said it had a probable gold reserve of 5. 4 million ounces. (Business Report, South Africa)
Canada Should Create National Enforcement Agency on Fraud, Denison Says Aug 5, 2009
Its our view that the effective enforcement will help minimize the instances that were seeing in Canada, said Denison, who also cited , whose shares became worthless in early 1997 when the Calgary-based companys claim of having a gold reserve in Indonesia proved to be a hoax. Quebec Cases. (Bloomberg -- Canada)
Africa Is Not Medieval Aug 4, 2009
This will make them Gold reserve chartered banks ... The reasons for this are because the United States Federal Reserve bank will be insolvent 09/30/2009 midnight EST. Once Africa has its Gold reserve banking system in place it will be well prepared for the 21st century. (Slate)
Indonesia says 'foreign countries' linked to attacks Jul 17, 2009
Freeport, whose Grasberg mine sits on the world's largest gold reserve, is the single biggest taxpayer to the Indonesian government. Australian technician Drew Grant, 29, was shot dead Saturday when his car was attacked on the single road from the mountain-top mine, while a Freeport guard was killed in an ambush on the same road Sunday. (Yahoo! Asia News)
Freeport operations normal after fatal attacks Jul 15, 2009
The mine contains the largest single recoverable copper reserve and gold reserve in the world. In 2008, its Indonesia mining operations contributed $3. (AZCentral -- Business)
Kirkland Lake Gold Inc.: Substantial Increases in Reserves & Resources of the South Mine Complex Jul 15, 2009
KIRKLAND LAKE, ONTARIO--(Marketwire - July 15, 2009) - Kirkland Lake Gold Inc. (TSX: - ; AIM:KGI) (the "Company") is pleased to present its year-end (April 30, 2009) gold reserve and resource estimates for its operations in Kirkland Lake, Ontario on both the historic Main Break and the recently discovered South Mine Complex or SMC. The South Mine Complex consists of 15 or more mineralized zones, five of which have been defined over strike lengths in excess of 1,000 feet. During the fiscal 2009,... (CCNMatthews Press Releases)
Rebels Kill 3 in Indonesia's Papua Region Jul 13, 2009
It contains the largest recoverable reserves of copper and the largest single gold reserve in the world, Freeport's Web site says. The Indonesian government does not allow foreign media to freely report in Papua, where it has tens of thousands of troops. (Time.com)
Ambushes kill 2 near Freeport's Indonesian mine Jul 13, 2009
It contains the largest recoverable reserves of copper and the largest single gold reserve in the world, Freeport's Web site says. Security has been beefed up at the site since Saturday's killing and employees were advised to be on high alert and not to travel to Timika, the town closest to the mining site, to avoid possible danger. (Muscatine Journal, IO)
Australian Mining Expert Is Shot Dead at U.S. Mine in Indonesia's Papua Jul 12, 2009
The Grasberg mine unit in Papua contains the largest recoverable reserves of copper and the biggest single gold reserve globally. To contact the reporter on this story: in Jakarta at. (Bloomberg -- Australia & New Zealand)
Gravy train of an MP goes off the rail. Jul 6, 2009
Accounting convention prohibits this form of treatment of budget deficit being netted against some gold reserve or foreign currency. It is like netting a negative net current asset against some reserve in the Balance Sheet of a company. (Ghana Web, Ghana)
Anglo American: Venezuelan mine to be investigated Jun 5, 2009
Environmental arguments enabled Venezuela to block Crystallex International and Gold Reserve from developing the country's biggest proven gold deposit last year. President Hugo Chavez has said he wanted new mines to be joint ventures with the government. (Business Report, South Africa)
Where do you invest now? Jun 1, 2009
We like USCN because they have a $450 million gold reserve at their COD Mine in Arizona. Gold jumped $17. (PR Newswire)
High River Gold Reports First Quarter 2009 Results May 16, 2009
- On March 17, 2009, High River announced the results of a NI 43-101 compliant gold reserve and resource estimate, as of December 31, 2007, on the Zun-Holba and Irokinda Gold mines. - On March 25, 2009 High River reported that the acquisition of the Chaya Nickel Deposit will not be completed. (CCNMatthews Press Releases)
Best in a crunch May 1, 2009
Well, it was probably because this gold-buying was only a kind of blip, as Reuters calculated that "China's holding of gold would be worth around US$30.9 billion at current prices. That accounts for only about 1.6% of China's total foreign exchange holdings and is little more than one-tenth of the value of the US gold reserve, the world's biggest.". To downplay it even more, it also means that "gold has slipped as a share of China's total reserves from about 2%, based on end-2003 prices.". (Asia Times Online)
China quietly builds gold reserve Apr 28, 2009
China has reported that it has been secretly increasing its gold reserves. It was able to keep it secret by buying domestically produced metal, almost doubling the amount of gold it holds to more than 1,000 tons. (BBC News -- Asia-Pacific)
Sensex leads global rebound Apr 8, 2009
Market pundits feel that weakness in the gold prices is expected to continue after G-20 said the International Monetary Fund (IMF) may sell some of its gold reserve to pump in funds in ailing economies. "IMF is expected to sell around 400 tonnes of gold and it may cast its shadow over gold prices, at least in the short term," said Arun Kejriwal of KRIS Investment, a leading advisory firm. (India Times, India -- Intl Business)
Politics, legend haunt Venezuelan gold mine Mar 30, 2009
Rusoro has had success turning around two troubled gold mines in the same region, but a hostile bid to take over Gold Reserve Inc., the U.S. company that owns Brisas, was shot down by a Canadian court last month. Thick forest around Las Cristinas has been torn by wildcat miners who stand waist deep in yellow water gathering ore from the cratered landscape with mercury droplets and strong hoses, part of a 30-year rush that ebbs and flows with gold prices. (Globe and Mail -- Business)
In Defense Of Fiifi Kwetey Mar 25, 2009
Mr. Atta Kyea, the Member of Parliament for Akim Abuakwa South who kicked against the confirmation stated in an interview with the Ghanaian Chronicle that Fiifi Kwetey is unfit for the Deputy Finance Minister position because of his allegation that the NPP government had sold Ghanas gold reserve ... If the NPP folks did not see anything wrong with what Anane did and lied about, why would they make such a big deal of what Fiifi Kwetey said about the gold reserve ... When the NPP initially... (Ghana Web, Ghana)
Thumbs up, Atta Akyea Mar 17, 2009
The NDC Forum for Setting the Records Straight (whose leader, Fifi Kwetey, appears to have twisted a few records: did the gold reserve disappear. will want us to believe that with his conduct at the appointments committee, Mr. Atta-Akyea is not contributing to the development of a better Ghana. (Ghana Web, Ghana)
US gold reserve might bring back some of the glitter Mar 10, 2009
The US Government's gold reserves stood at 8133. 5 tonnes at September last year. (Sydney Morning Herald -- Business)
Agnico-Eagle provides exploration update on 2008 activities Mar 4, 2009
"In 2008, we moved steadily towards our goal of 20 million ounces of gold reserves from our existing projects with the addition of 1.4 million ounces of reserves and 1.4 million ounces of resources" said Sean Boyd, Vice-Chairman and CEO. "With improving drill access at several of our deposits, we expect to reach 20 million to 21 million ounces of gold reserves by year end 2010. The ongoing growth in our reserves is driving our scoping studies on four internal production growth opportunities"... (Canada Newswire)
A buyer's market with few buyers Feb 22, 2009
Certicom's victory, and a similarly successful challenge this week by mining takeover target Gold Reserve Inc., suggests that messy takeover brawls may become the new norm. "In this economic climate, litigation is becoming a very important tactic that target companies can employ," said Seumas Woods of Blake Cassels & Graydon LLP.. (Globe and Mail)
Court halts Rusoro takeover bid for Gold Reserve Feb 11, 2009
An Ontario judge has halted a hostile takeover bid by Rusoro Mining Ltd. for rival Gold Reserve Inc., ruling that the offer is tainted because Rusoro had access to confidential information from a financial adviser who acted for both companies. Justice Peter Cumming granted an interlocutory injunction restraining Vancouver-based Rusoro from proceeding with an all-stock offer for Gold Reserve, pending the outcome of a trial ... Lawyers for Gold Reserve had argued that Rusoro had an unfair... (Globe and Mail -- Business)
Canadian National Railway, Gold Reserve May Move: Canadian Equity Preview Feb 11, 2009
Canadian National, Gold Reserve May Move: Canada Equity Preview ... (GRZ CN): , a Russian- financed company with gold mines in Venezuela, withdrew its hostile takeover bid for Toronto-based Gold Reserve, developer of the Brisas del Cuyuni project in the Latin American country ... Gold Reserve fell 4 cents to C$1. (Bloomberg -- Canada)
Canada court stops Rusoro takeover of Gold Reserve Feb 11, 2009
Rusoro said in a statement Tuesday it has withdrawn its purchase offer for Spokane, Washington-based Gold Reserve Inc.. Gold Reserve has been waiting since May for a permit to begin construction on its Brisas gold mining project in Venezuela's southern Bolivar state ... Rusoro has declined to comment on any specific deals, but the company in December offered to buy all of Gold Reserve's outstanding shares and equity units. (International Herald Tribune)
Corte canadiense frena oferta de Rusoro para comprar Gold Reserve Feb 11, 2009
CARACAS (AP) Un tribunal de Canad; bloque; el martes la oferta que hab;a hecho la empresa aur;fera Rusoro Mining Ltd. de capitales rusos para adquirir a la minera estadounidense Gold Reserve Inc., en una decisi;n sobre ambas firmas con operaciones en Venezuela ... La decisi;n, del juez Peter Cumming, tambi;n impidi; cualquier futura participaci;n de Endeavour _con sede en Houston, Texas_ en ofertas para comprar Gold Reserve ... Gold Reserve _con oficinas centrales en Spokane, Washington_ ha... (OregonLive, OR -- Business)
