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To: TheSlowLane who wrote (33492)2/14/2012 10:05:42 AM
From: Rick H. Malchow
   of 48072
 
First Majestic silver mine encroaching on Huichol Indian sacred mountain in Mexico. Fingers crossed that management handles the situation well.
washingtonpost.com

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From: TheSlowLane2/15/2012 5:34:51 AM
10 Recommendations   of 48072
 
Yellow stuff...by the numbers...

numbersleuth.org

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To: TheSlowLane who wrote (33494)2/15/2012 6:31:13 AM
From: John McCarthy
   of 48072
 
Thanks for posting that

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From: John McCarthy2/15/2012 6:32:19 AM
1 Recommendation   of 48072
 
Illicit gold imports on rise as supply falls short of demand
REPUBLICA


KATHMANDU, Feb 14: Smuggling of gold through major points along Nepal-India border has increased in recent weeks after gold dealers, reeling under shortage of yellow metal, started accepting gold from unauthorized suppliers.
The shortage hit the market mainly after the commercial banks - the authorized importers -- failed to maintain supplies.

Apart from that, dealers say daily supply quota of 15 kg set by Nepal Ratsra Bank (NRB) is simply inadequate to fulfill the demand that has swelled due to long-running wedding season.

“Daily demand for gold has touched 40 kg,” said Tej Ratna Shakya, president of Nepal Gold and Silver Dealers Association (Negosida), adding that the dealers have not been regularly receiving the quota in full as banks have been showing laxity in importing gold. “This has spurred gold smuggling. Dealers have no option but to accept the illegal supply if they are to stay in business.”

Shakya, however, did not quantify the volume of such illicit supply.

According to dealers, mainly the dealers based along the bordering points are sourcing the yellow metal from India through informal channel and supplying them in the market.

“It is because of this very reason that dealers across the country have currently priced gold higher by Rs 500 per tola than the international rates. They need to pay more to entice people in the informal channel for the supply,” Shakya disclosed.

Officials of Negosida like Shakya admit the domestic gold prices have remained higher than international rates since about a month ago.

On Tuesday, dealers traded gold at Rs 54,000 per tola (11.664 grams). Though this rate is down by Rs 100 per tola compared to Monday, Shakya said it is Rs 500 per tola more than the international rates.

Moreover, bullion dealers said even the informal supply coming from India has not managed to fulfill the market demand. As a result, many dealers have stopped selling raw gold to the buyers.

"Owing to the shortage, we have decided to sell only jewelries,” Shakya stated.

Demand for gold has increased in the market mainly because this happens to be the wedding season when gold supplies hit peak. Given the situation, dealers have been urging the NRB to either open the import, allowing them to engage in import business, or increase the quota of supply.

"Apart from that, we have also been urging the central bank to instruct banks to issue us the supply in an uninterrupted manner. Sadly, our requests have been falling on deaf ears," said Shakya.




Published on 2012-02-14 23:00:50

myrepublica.com

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From: John McCarthy2/15/2012 6:34:27 AM
2 Recommendations   of 48072
 
Nikos Kavalis, commodities strategist at RBS, cites good fundamental reasons behind the surge in Chinese gold imports. The reasons he points to include inflation fears - after five straight months of decline, Chinese inflation rose to 4.5% in January - and Chinese savers' (unlike most Americans) preference for hard assets to protect against financial mishaps due to government malfeasance or market meltdowns.

Another reason for the uptick in gold imports last year cited by other analysts is that China may be continuing to diversify its official reserves away from the U.S. dollar and toward other currencies, including gold.

Whatever the reason, Chinese gold imports in 2012 are expected to continue growing as physical demand remains robust. Gold has risen about 11% so far this year and is trading at approximately $1730 an ounce. Demand coming from China should continue to be very supportive of the gold price, but it may not be enough to push it through the $2000 mark.

seekingalpha.com

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From: John McCarthy2/15/2012 6:35:43 AM
1 Recommendation   of 48072
 

*Breaking Interview* Central Banks Trying To Keep Gold From Rising Violently
February 14, 2012, at 11:33 pm
by Jim Sinclair in the category General Editorial, King World News | Print This Post | Email This Post
My Dear Extended Family,

Click here to listen to the interview…

jsmineset.com

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From: John McCarthy2/15/2012 6:57:14 AM
   of 48072
 
Freakin’ stunning!






Read more: http://macromon.wordpress.com/2012/02/14/worldwide-debt/#ixzz1mS14HRM1



businessinsider.com

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From: John McCarthy2/15/2012 7:13:40 AM
   of 48072
 
How Indian weddings drive global gold demand






Asian nation accounts for about 32% of the global gold market

An Indian wedding tradition dating back thousands of years is more than a simple cultural practice - it has become one of the biggest drivers of global gold demand.

In a Feb. 12 CBS News' "60 Minutes" report, correspondent Bryon Pitts took a look at how the Indian wedding tradition of draping the bride in gold jewels has propelled India to be the biggest source of global gold demand. India is now No. 1 in gold consumption of jewelry as well as physical bars and coins.

India accounts for about 32% of the global gold market with half of the gold Indians buy spent on jewelry for the 10 million weddings held there each year.

As a result, gold prices typically rise ahead of wedding season as families prepare.

"The demand for gold out of India is fundamental for the health of the industry," Ajay Mitra of the World Gold Council told Pitts. "If India sneezes, the gold industry will catch a cold."

Gold: A lavish Indian wedding tradition

Indians place an enormous value on gold. They consider no possession more valuable and enjoy flaunting their collections - especially at weddings.

The bride's family makes sure she is adorned in thousands of dollars' worth of gold jewels, which will serve as her financial security once she joins her husband. Indian brides start receiving gold as presents when they are young girls, in preparation for their wedding day.

"The gold will show off the prosperity and the stand of the family in the society," Indian wedding planner Divya Chauhan told Pitts on "60 Minutes." "It's not vanity. It's just something so culturally ingrained in us that you can't have reasoning around it."

How much gold a woman brings to a marriage gives her financial control and power in her new life. The gold she wears is a symbol that she deserves to be taken seriously; that she has her own assets aside from her husband's.

Families and friends also offer the new couples gold bars and coins as presents.

The Indian wedding season runs from about late September through January, in between heavy monsoon rains and the summer heat. Jewelers look for price dips in the months before to stock up on the yellow metal before demand picks up. Of course, Indian buyers always hope for deals when buying wedding gold, but the price is rarely a deterrent.

"Most households start saving for a marriage years in advance, so a small dip or rise in the price of gold will not upset demand," bullion businessman Motabhai Kainan told Commodity Online.

For instance, gold prices rose 64% (compared to the Indian rupee) from January 2010 to September 2011. Indian gold consumption in September 2011 was up 5% from the same period a year prior.

And as India's population gets richer, global gold demand and consumption will increase.

Emerging economies and global gold demand

On average at least 30 to 40 grams of gold is involved in every wedding, with richer households averaging several kilos of gold at a ceremony. Economists predict that higher per capita income will cause the average amount of gold used in weddings to double over the next five years.

India's rapid economic growth rate has bolstered the emergence of middle-class families, which along with the rich now outnumber India's poor population.

In addition to earning more than before, Indian households save an average 30% of their incomes, compared to 5% for U.S. households. Indians use this savings to buy more gold.

But India isn't the only emerging economy that will fuel global gold demand. Turkey is another nation that emphasizes gold as wedding presents.

Turkish brides typical receive a 22-carat gold set that includes a 60-gram necklace and a pair of earrings. The couple also buys gold wedding rings, a solitaire ring for the engagement, and more earrings. The total cost for wedding-related gold items reached more than $5,600 (10,000 Turkish lira) in 2010.

Vietnam has also seen a sharp increase in gold demand. Vietnamese bought more gold per capita last year than China or India, according to the World Gold Council. The demand pushed gold prices in the country up by 18%. Vietnamese prefer to keep their savings in gold because the metal's more stable than paper currency.

Wholesale Gold Group (WSG), a U.S.-based gold and silver investment firm, said emerging economies' impact on global gold demand make now one of the best times to buy gold, especially coins.

"China and India are importing as much gold as they can get their hands on," WSG founder and CEO Michael MacDonald told Commodity Online. "Unlike paper currency or even oil, the amount of gold on the planet is rapidly diminishing. Applying simple supply and demand economics to the situation tells you that now is the time to buy gold coins."

Gold rose 9% in January and after a slight pullback ended last week at $1,722.10 an ounce on the New York Mercantile Exchange.

stockhouse.com

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To: TheSlowLane who wrote (33494)2/15/2012 8:49:56 AM
From: Wade
   of 48072
 
Owning physical gold is like having a boat anchor, which gives you the protection and stability for the little guys in a chaotic society

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To: Wade who wrote (33501)2/15/2012 9:09:05 AM
From: orkrious
7 Recommendations   of 48072
 
Owning physical gold is like having a boat anchor

LOL. Owning miners is like having a boat anchor, too. They drown you by weighing you down to the bottom of the ocean.

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