Despite continued turbulence in the EU and South Africa, and continued money printing worldwide, gold and silver consolidated last week. But how long can that last?
Every week, we give you the latest news about gold, precious metals and the overall economy. This week's stories include: Russia and South Africa meet to discuss how they can boost the prices of platinum and palladium, gold smuggling in India is still on the rise and gold buyers are back thanks to the sell-off in U.S. stocks. Click on the link for more details.
A perfect storm has been brewing in South Africa’s gold mines. As one of the world’s top producers, they are facing many issues that might cause them to shut down. What will this mean for the yellow metal? Find out here.
As China continues their quest for global dominance, they are one step closer to their goals. How will this affect the world and your savings? Find out here.
In spite of China’s recent economic woes, the country continues to break new gold holding records. What will this mean for the shiny yellow metal? Find out here.
Iran has been permitted by the U.S. government to obtain 13 tons of their gold as part of a sanctions relief program. Read more about this, and other news from the week.
As China continues its push to have its Yuan added to the SDR’s reserve currencies, we can’t help but wonder what the consequences will be for Americans if the Chinese successfully complete their plans.
Following gold's slip last week, this week saw a round of bargain hunting. Gold traded near highs of $1,730, ending the week at $1,716. Silver held in a lateral position with platinum taking a beating as South African mining strikes resulted in massive layoffs and mine closures. US job reports leave many unimpressed, and the country’s presidential elections seem to be sliding into confusion rather than home base as the candidates categorically ignore Europe's meltdown, China's slowdown and untold mismanaged mineral wealth in Eastern and Central Africa. With the world's markets indexed to the over-abundant weak-kneed US dollar, those in the know are calling for reinstating the Gold Standard. Central banks are snapping up gold, leading calls for a November fat with $2000 per ounce gold.
