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| Gold | $928.00 /oz |
$5.70 |
| Silver | $0.1752 /oz |
$0.0022 |
| Copper | $3.59 /lb |
$0.01 |
| Aluminum | $1.35 /lb |
$-0.02 |
As ocean energy makes its way into the mainstream, a few companies stand to make a fortune. One small Canadian company, in particular, has the potential for fivefold growth in the next year.
Read all about the profitable details in this report.
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-- The Constitution of the United States of America, Article 1 Section 10
- Gold Moves Higher on Iranian Rocket Tests
- ETF Securities Gold, Platinum Holdings Hit Record
- Australian Gold Production Drops 7% in 12 Months
- South African Gold Output Down 10.1% in April
- Tokyo Stock Exchange to List First Gold ETF
Gold regained ground on Wednesday as speculators resurfaced on news that Iran had test-fired nine long- and medium-range missiles, lifting the metal's safe-haven appeal in times of uncertainty.
Iranian General Hossein Salami, the air force commander of Iran's elite Revolutionary Guards, said the exercise would "demonstrate our resolve and might against enemies who in recent weeks have threatened Iran with harsh language."
Wednesday's war games were being conducted at the mouth of the Strait of Hormuz, a strategic waterway through which about 40% of the world's oil passes. Iran has threatened to shut down traffic in the strait if attacked.
Iranian state media showed footage of at least three missiles firing simultaneously, and said the barrage included a new version of the Shahab-3 missile, which officials have said has a range of 1,250 miles and is armed with a 1-ton conventional warhead. That would put Israel, Turkey, the Arabian peninsula, Afghanistan and Pakistan within striking distance.
- luke
ETF Securities Ltd. reported its holdings of gold and platinum rose to record highs in the week to June 29, while its palladium holdings increased 11%.
The fund, which issues exchange-traded securities backed by stocks of precious metals, said the amount of metal held for its physical gold ETF rose to a record 1.266 million ounces by June 29, against 1.194 million ounces the previous week.
Holdings for its physical platinum ETF climbed 8% to 394,000 ounces in the same period, up from 365,000 ounces in the week to June 22.
Its physical palladium ETF grew by 11% to 232,000 ounces from 208,000 ounces a week before, its highest since March 12, the fund said.
Holdings in its physical silver ETF were unchanged at 9.4 million ounces.
- luke
Over the past 12 months, gold production in Australia, the world's third-largest miner, has fallen 7%.
Gold production is estimated at 231 tonnes—or about 7.6 million ounces—in the financial year ending June 30th. This estimate is down from a previous forecast of 243 tonnes due to the closure of old mines and below par output at some newer lodes across the outback.
Output in the 2006/07 year came to 249 tonnes, equivalent to about one-tenth of the world's production. Output for next year was also revised down to 256 tonnes compared with a previous forecast for 268 tonnes, although the growth rate remains at over 9%.
The drop comes as China flexes new-found muscles in gold as the world's top producer ahead of South Africa, traditionally the sector leader but also facing a decline.
- luke
South African gold output fell 10.1% in volume terms, while overall mineral production declined 2.0% in April compared to the same month in the previous year. Statistics South Africa added that production of non-gold minerals also fell by 0.7% in April.
Mining output in South Africa has taken a hit after State-owned power utility Eskom struggled to provide sufficient power to mines, following a near collapse in the electricity grid in January, which led to a five-day countrywide mine shutdown. Eskom has since supplied around 90% to 95% power to mines in the country.- luke
The Tokyo Stock Exchange plans to launch the nation's first bullion-backed, gold exchange-traded fund on June 30, in a bid to draw more investors and help enhance Tokyo as a financial center.
The exchange announced today that SPDR Gold Shares ETF, which is sponsored by a subsidiary of the World Gold Council, will be offered to investors and the end of the month. SPDR Gold Shares ETF is currently traded on the New York Stock Exchange as well as bourses in Mexico and Singapore.
The Tokyo bourse has been studying the possibility of listing such ETFs as a means of offering a broader variety of listed financial products and attract more investors.
A bill passed by Japan's parliament last week allowed for the creation of ETFs for commodities, and made it possible for banks and other firms to engage in emissions trading.
- luke
Growth of the jewelry industry in China has been developing much faster than anyone expected.
Since 2005, Chinese jewelry sales have increased by over US$3 billion, making China's jewelry sector the nation's largest consumer hot spot preceded only by real estate and automobile industry.
Recently published statistics show that sales of gold and silver jewelry have kept a forward progressing momentum in China over the past few years. During 2007, the value of Chinese gold and silver jewelry trade products totaled US$14.2 billion, up 36% for the year.
It was reported that there are now over 10,000 independent jewelry proprietorships throughout the mainland of China.
- luke
Just for fun...I put together a list of my top five favorite "gold" songs of all-time. Click on any of the song titles to be taken to a YouTube video of the song.
| Rank | Artist | Song Title | Reason |
| | | | |
| 5 | Steely Dan | Your Gold Teeth | Awesome jazz/rock fusion typical of Steely Dan |
| 4 | Kanye West | Gold Digger | Cool beat and humorous lyrics |
| 3 | Beatles | Golden Slumbers | Helped to close Abbey Road |
| 2 | America | Sister Golden Hair | A buoyant tune with memorable lead guitar |
| 1 | Neil Young | Heart of Gold (live) | A soft, acoustic masterpiece |
- luke
Physical gold held by the exchange-traded funds (ETFs) listed on the National Stock Exchange of India peaked to the highest level ever at 4.57 tonnes during May. The total gold by India's five gold ETFs (seen above) showed an approximate 10% rise in physical bullion holdings compared to April.
The rise in physical gold held by India ETFs was boosted by the Akshaya Tritiya festival, which took place on May 7th and 8th. Akshaya Tritiya is a traditional Indian holiday that celebrates the beginning of Treta Yuga, the second of four ages of man, and is recognized as the day that the Ganges River, the most holy and sacred river of India, descended to the earth from heaven. Indian tradition says that buying gold during the Akshaya Tritiya festival will provoke prosperity.
Reuters India reported that Sanjiv Shah, executive director at Benchmark Asset Management, the largest Indian gold ETF, believes that the months ahead may see continued rise in gold ETF purchases with weak stocks, high inflation and softer dollar drawing more investors to gold.
- luke
