Thursday 1 September 2011
Posted by
Admin Hijrah Dinar
Posted by Brittany Stepniak - Wednesday, August 31st, 2011
Gold switched back and forth between gains and losses today as U.S. stocks climbed for a fourth day.
On the Comex division of the New York Mercantile Exchange, gold just recently traded at $1,833.10 per ounce, gaining 0.2 percent, up $3.60.
Overall, gold has gained approximately 12 percent in the month of August and 30 percent over the course of the year. And analysts say the $1800-mark is a psychologically important number, showing investors still have serious doubts about a rebounding stock market.
Perhaps this can also be attributed to new gold buyers, increasing demand. Asian economies are now more intersted in purchasing gold as worldwide economies are slowing down.
An adviser from People's Bank of China reported to China Business News that Beijing should stock up on gold, suggesting gold may not take a breather for long, as many predict.
The good news is that the gold mining market is booming, with production soaring according to an Austrailian consulting firm. But, it may not be able to keep up with demand...
From MarketWatch:
Gold switched back and forth between gains and losses today as U.S. stocks climbed for a fourth day.
On the Comex division of the New York Mercantile Exchange, gold just recently traded at $1,833.10 per ounce, gaining 0.2 percent, up $3.60.
Overall, gold has gained approximately 12 percent in the month of August and 30 percent over the course of the year. And analysts say the $1800-mark is a psychologically important number, showing investors still have serious doubts about a rebounding stock market.
Perhaps this can also be attributed to new gold buyers, increasing demand. Asian economies are now more intersted in purchasing gold as worldwide economies are slowing down.
An adviser from People's Bank of China reported to China Business News that Beijing should stock up on gold, suggesting gold may not take a breather for long, as many predict.
The good news is that the gold mining market is booming, with production soaring according to an Austrailian consulting firm. But, it may not be able to keep up with demand...
From MarketWatch:
Australia’s gold production surged by
nearlyt 10% to 270 metric tons in fiscal 2010/2011, they said in a
research note. From March to June, the country produced 68.1 metric
tons more, or 5%, compared to the previous quarter.
Australia is the world’s No. 2 mining
producer. Peru, the world’s sixth-largest producer, has reported a
9.1% increase in mining output during July compared to the same month
last year.
“Despite these efforts, production is unlikely to keep pace with demand,” the Commerzbank analysts said.
Category:
Gold Saving / Investment
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