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| Indian Commodity Exchanges Turnover Climbs 56% on Bullion Trade Bloomberg.com Turnover on the Multi Commodity Exchange of India Ltd. and its rivals climbed 56 percent in the two weeks ended June 15 as trading in bullion increased. http://bit.ly/3Tp4y ***** As of today, we are including MCX in the Scorecard. Also, we are now including links to NYMEX daily Metal Warehouse Statistics. China flags end of commodities stockpiling Business Day A RECORD-BREAKING run of commodities exports to China from Australia may be set to end, with Beijing announcing a halt to "strategic" stockpiling and the likely expiry from today of massive iron ore contracts. http://bit.ly/VjSGU China says metal stockpiling over: report MarketWatch A top Chinese official told state-run Caijing magazine that the government has halted its metal-stockpiling program, as the policy has achieved its aims of raising market confidence, reducing stocks and stabilizing prices, Dow Jones Newswires reported Monday. http://bit.ly/vKfR3
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| Lead Stories |
| China, clumsy commodities giant, making bigger waves Reuters For China, the trade dispute raised this week with the West may in retrospect seem minor compared to the ructions that await Beijing as its state firms start to punch their weight on global commodity markets. http://bit.ly/gQk8M Chinalco Said to Buy 880 Million Pounds of Rio Shares Bloomberg.com Aluminum Corp. of China plans to buy 880 million pounds ($1.5 billion) of Rio Tinto Group stock, taking its share of a rights offer by the world's third-biggest mining company, said two people familiar with the matter. http://bit.ly/FoxjW ***** More than one way to skin a cat. See the next story as well. Xstrata Bid May Spur Rush for Last ‘Chess Pieces' Bloomberg.com Xstrata Plc's proposed 24 billion- pound ($40 billion) merger with Anglo American Plc may spur competing bids from Brazil and China as rival miners vie for a deal to place them among the largest producers. http://bit.ly/3oD9AI BHP's Hernandez Says 2009 to Probably Be ‘Good Year' Bloomberg.com BHP Billiton Ltd's base metals head Diego Hernandez said he expects 2009 to be a “good year” for copper producers after a better-than-expected first half. http://bit.ly/aCKlH Royal Canadian Mint releases findings into precious metals reconciliation CNW Group ...the unaccounted for difference in gold does not appear to relate to an accounting error in the reconciliation process, an accounting error in the physical stock count schedules, or an accounting error in the recordkeeping of transactions during the year. http://bit.ly/ETjQt ***** After a couple weeks in the press, we had a week of quiet, now this press release which rules out the easy answers to the missing $20 million in gold Special review and assessment of unaccounted for differences.pdf. http://bit.ly/PHz4l ***** Link directly to the Deloitte and Touche report. |
| Futures & ETF News |
| Mainstream investors are adding gold to their portfolios TheBull.com.au Despite gold and silver consolidating in June, investment demand for these precious metals remains robust. http://bit.ly/eYCXT BetaPro launches unleveraged ETFs tied to gold, silver, oil and gas prices Morningstar BetaPro Management Inc.'s four newest exchange-traded funds -- providing unleveraged exposure to gold, silver, oil and natural gas prices -- opened for trading today on the Toronto Stock Exchange. http://bit.ly/16DgH6 |
| Investments |
| Illegal For 53 Years - IRAs Now Gold Friendly Zacks editors note: Since gold can provide a nice hedge against uncertain economic conditions, we asked Casey Research for insight on how individual investors can best invest in the precious metal. http://bit.ly/17LghE Vale Should Preserve Cash, Avoid Bids, Blackrock Says Bloomberg.com Vale SA, the world's largest iron- ore producer, should keep hold of its $12 billion in cash rather than bidding for Anglo American Plc or Xstrata Plc after prices fell, shareholders Blackrock Inc. and Bradespar SA said. http://bit.ly/s77uz Faber Doesn't See New Stock Market Lows; Favors Gold: Video Bloomberg.com Marc Faber, managing director of Marc Faber Ltd. and publisher of the Gloom, Boom and Doom Report, talks with Bloomberg's Erik Schatzker and Deirdre Bolton about the outlook for the U.S. equity market. http://bit.ly/1jNaM3 |
| Reports & Macroeconomics |
| Gold Drops for First Time in Five Days as Dollar Stems Decline Bloomberg.com Gold fell for the first day in five in Asia as a pause in the dollar's decline damped demand for the precious metal as a haven investment. http://bit.ly/ZicJf China has bought 235,000 T copper as reserves Alibaba.com China has bought 235,000 tonnes of copper, 30 tonnes of indium and 5,000 tonnes of titanium, Caijing magazine quoted an official of National Development and Reform Commission (NDRC) as saying. http://bit.ly/58P9K China has room for more fiscal stimulus-economist Reuters China has room to deliver more fiscal stimulus to boost consumption in order to offset slumping external demand, a senior government economist said in remarks published on Monday. http://bit.ly/rOJWR Gold Coin Production Increases Dramatically Numismaster.com ...the British Royal Mint increased its consumption of gold by more 75 percent during the first quarter "amid a surge in demand for bullion to diversify investments." http://bit.ly/OhO2f India gold buying edges up amid lean period Reuters India's gold buying edged up on Monday as traders stocked the yellow metal to meet scattered purchases at the start of a seasonally lean period, traders and dealers said. http://bit.ly/17yoX8 |
| Miscellaneous News |
| S. Africa Gold Mining Companies Continue Mediation Talks on Pay Bloomberg.com South African gold mining companies will continue mediation talks with workers over pay today, Chamber of Mines spokesman Jabu Maphalala said in a telephone interview from Johannesburg today. http://bit.ly/hLEM0 Fed Market Manipulation, Surmounting The Main Threat To Profits And Protection American Armageddon Judgement Day In the near-century since 1913, (the year the U.S. Federal Reserve was established) the World's Reserve Currency, the U.S. Dollar, has lost at least 96% of its purchasing power. Among the many casualties of this Massive Devaluation are Retirees, Investors, and Savers who “stored”, they thought, the fruits of their labors in U.S. Dollar (i.e. U.S. Federal Reserve Note) denominated paper “Assets”. http://bit.ly/GDXAX ***** Misspelling "Judgement" kind of undermines their credibility... Richard Russell: Competitive devaluations to spur on gold Investment Postcards from Cape Town Quotes from Richard Russell, the 85-year-old writer of the Dow Theory Letters, in my blog posts. http://bit.ly/2PidNW |
| Physicals & Company News |
| SA may dilute Xstrata/Anglo benefits miningmx.com A COMBINED Xstrata and Anglo American would benefit from the greater spread of assets, but moves to appease the South African government and powerful unions could dilute that upside, ratings agency Fitch said. http://bit.ly/3wZkOD Anglo widens chairperson search miningmx.com ANGLO American has approached BHP Billiton director, Paul Anderson, and Jim Leng, a former chairman of rival UK listed mining group, Rio Tinto, said the Sunday Times without naming its sources. http://bit.ly/13rjx5 China's iron ore discovery worries Indian exporters commodityonline.com BEIJING: The recent discovery of iron ore in northwest China may pose a threat to India's iron ore exports to the Communist country. http://bit.ly/4mux1K Golden Phoenix Minerals Appoints Clyde Harrison to Its Board of Directors PRNewswire-FirstCall Golden Phoenix Minerals, Inc. is very pleased to announce that Clyde Harrison has accepted a seat on the Golden Phoenix Board of Directors, commencing immediately. http://bit.ly/13qFN6 Get ready for the summer gold rally Vancouver Sun One of the reasons for gold's summer strength is demand from India, where jewellery fabricators need gold for the festival and wedding season that starts in October and finishes in November during Diwali. http://bit.ly/OQsUp Red Mountain gold property in BC changes hands miningweekly.com Junior BonTerra Resources has agreed to buy Seabridge Gold's Red Mountain property, near Stewart, British Columbia, for C$12-million in cash and a convertible debenture, the companies announced on Thursday. http://bit.ly/aFxtW Centamin Egypt Pours First Gold From Sukari Project Bloomberg.com Centamin Egypt Ltd., an Australian explorer drawn to the North African country by a 3,000-year-old map, poured the first gold from its Sukari project. http://bit.ly/Wf9xk Electrum, Moto's Biggest Holder, Opposes Red Back Bid Bloomberg.com Moto Goldmines Ltd.'s largest shareholder, Electrum Strategic Holdings LLC., said it opposes a C$496 million ($430 million) all-stock takeover offer from Red Back Mining Inc. because the bid undervalues Moto's operations. http://bit.ly/Da9LG Anglo Platinum Workers May Lower Wage Demands, Labor Union Says Bloomberg.com The National Union of Mineworkers, South Africa's largest labor union, may lower its 15 percent pay increase demand from Anglo Platinum Ltd. because of “significant” concessions by the company. http://bit.ly/VPyQi Vale Should Keep Hold of $12 Billion War Chest, Blackrock Says Bloomberg.com Vale SA, the world's largest iron- ore producer, should keep hold of its $12 billion in cash rather than bidding for Anglo American Plc or Xstrata Plc after prices fell, shareholders Blackrock Inc. and Bradespar SA said. http://bit.ly/CdDrT Anglo Considers Leng, Parker as Chairmen, Sunday Times Reports Bloomberg.com Anglo American Plc, the mining company that rejected Xstrata Plc's proposed 24.4 billion-pound ($40.4 billion) merger offer this month, approached former Rio Tinto Plc Chairman Jim Leng and National Grid Plc's Sir John Parker to replace Mark Moody-Stuart, the Sunday Times reported. http://bit.ly/sgAWU Seabridge Gold to sell Red Mountain stake to BonTerra Reuters Canada's Seabridge Gold (SEA.TO) said it would sell its stake in the Red Mountain property in British Columbia to mineral explorer BonTerra Resources Inc (BTR.V) for C$7 million ($6.06 million) in cash, plus a C$5 million convertible debenture. http://bit.ly/16oDm3 Denison May Start Mining Uranium in Zambia in 2012, Times Says Bloomberg.com Denison Mines Corp., which produces uranium in North America, may start mining the mineral in Zambia by 2012, the Times of Zambia reported, citing Andre Goode, the company's director for Africa. http://bit.ly/dbqbP Japan Steel Sheet Export Recovers to Asian Market for Jul-Sep Japan Metal Bulletin Japanese integrated steel makers' sheet export is recovering. http://bit.ly/Jf8ny |
