Indonesian authorities have ordered all production at an American-owned gold and copper mine halted while an investigation is conducted into a tunnel collapse last month.
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Monday, 3 June 2013
Reuters: Gold rebounds on softer dollar, U.S. data eyed
Gold edged higher on Monday, recovering from a near 2-percent slide in the previous session, as weak U.S. data hurt the dollar and strengthened hopes the Federal Reserve would stick to its bullion-friendly stimulus program.
Gold fell more than 6 percent in May amid concerns the Fed could slow its monthly bond purchases as the U.S. economy shows signs of improvement. But a flurry of disappointing U.S. data including Friday's report on a decline in U.S. consumer spending weakened arguments for a near-term tapering of the central bank's bond-buying stimulus.
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Gold fell more than 6 percent in May amid concerns the Fed could slow its monthly bond purchases as the U.S. economy shows signs of improvement. But a flurry of disappointing U.S. data including Friday's report on a decline in U.S. consumer spending weakened arguments for a near-term tapering of the central bank's bond-buying stimulus.
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CNBC: ‘Extreme Conservatives’ Driving Gold Lower: Roubini
Gold is likely to fall below $1,000 an ounce, nearly half the level it reached at its peak in 2011 according to Nouriel Roubini, the founder of Roubini Global Economics. And the man credited for calling the financial crisis believes one of the key factors that will drive prices lower is "extreme political conservatives, especially in the United States"
Writing in an op-ed published by Project Syndicate, Roubini said the hyping of gold by political conservatives had become counterproductive.
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Writing in an op-ed published by Project Syndicate, Roubini said the hyping of gold by political conservatives had become counterproductive.
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Market Watch: Is gold’s rally over?
Gold’s decade-long rally has been called into question lately as the Federal Reserve’s talk of possibly unwinding its four-year quantitative easing “experiment” has caused investors to tire of the yellow metal.
In addition to the QE unwinding, other explanations that have been offered include the relation between gold prices and Japanese government bond volatility as well as the general unwinding of dollar shorts as the U.S. shifts from an economy where consumption is funded by debt, to one where consumption is funded by income. We concern ourselves less with the theories behind gold’s decline and focus instead on the metal’s price/volume action.
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In addition to the QE unwinding, other explanations that have been offered include the relation between gold prices and Japanese government bond volatility as well as the general unwinding of dollar shorts as the U.S. shifts from an economy where consumption is funded by debt, to one where consumption is funded by income. We concern ourselves less with the theories behind gold’s decline and focus instead on the metal’s price/volume action.
Read more...
Bloomberg: Hedge Funds Boost Gold Bull Bets Most in Two Months: Commodities
Hedge funds raised bets on a gold rally by the most in two months as the U.S. economy expanded less than previously estimated, boosting speculation the Federal Reserve will maintain the pace of stimulus.
Speculators raised their net-long position by 35 percent to 48,096 futures and options by May 28, the biggest gain since March 19, U.S. Commodity Futures Trading Commission data show. Most of the gain came from a drop in short bets, which reached a record a week earlier. Net-bullish wagers across 18 U.S.-traded commodities climbed 13 percent to a nine-week high of 652,708 contracts, led by gains in corn and natural gas.
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Speculators raised their net-long position by 35 percent to 48,096 futures and options by May 28, the biggest gain since March 19, U.S. Commodity Futures Trading Commission data show. Most of the gain came from a drop in short bets, which reached a record a week earlier. Net-bullish wagers across 18 U.S.-traded commodities climbed 13 percent to a nine-week high of 652,708 contracts, led by gains in corn and natural gas.
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Business Day: Gold Fields moves West Africa office back to Accra
GOLD Fields is moving its West African regional office back to Accra from Fourways as it rebuilds relationships with stakeholders following an illegal strike in April.
Now that Gold Fields has unbundled Sibanye Gold, the West African mines are a cornerstone of its business. But those mines were plunged into chaos after strikes at its Tarkwa and Damang mines sparked by allegations of racism against two executives.
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Now that Gold Fields has unbundled Sibanye Gold, the West African mines are a cornerstone of its business. But those mines were plunged into chaos after strikes at its Tarkwa and Damang mines sparked by allegations of racism against two executives.
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Market Watch: What doesn’t glitter may be gold
If the U.S. recovery is to be believed, and I believe it is, and if the global slowdown is real, and I think it is, then investors are betwixt an ongoing growth stock market rally here and between the need to defend against losses elsewhere.
That’s an uncomfortable place to be. The jury is still out on whether the stimulus plans that have propped up the global markets and lead to the potential for organic growth in the U.S. will kill or cure the global patient. We’re either heading to boom or doom; but which? Growth investors hope the former, while gold bugs hope for the latter.
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That’s an uncomfortable place to be. The jury is still out on whether the stimulus plans that have propped up the global markets and lead to the potential for organic growth in the U.S. will kill or cure the global patient. We’re either heading to boom or doom; but which? Growth investors hope the former, while gold bugs hope for the latter.
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