I just recorded an interview with Phil at HoweStreet.com a few minutes ago. You can listen at:
Here is the MoneyandMarkets.com column we talk about: 5 Rally Killers and How to Profit From Them.
And there’s more bullish news on gold …
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Demand for gold surpassed $100 billion last year for the first time ever, amid increased industrial and jewelry consumption and investors’ purchase of the metal as a safe haven, the World Gold Council reported Wednesday.
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Gold demand — including jewelry consumption, industrial demand and identifiable investments such as bars, coins and gold exchange-traded funds — hit $102 billion in 2008, up 29% from a year ago.
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In tonnage terms, gold demand rose 4% to 3,659 tons, the WGC said
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Gold holdings in SPDR Gold Shares, the largest gold exchange-traded fund, rose to 1,008.80 tons Tuesday, surpassing the 1,000 ton level for the first time, according to latest data from the fund. The total was up more than 200 tons from a month ago.
And from Business Wire on Yahoo News … “As shares on stock markets around the world lost an estimated $14 trillion in value, identifiable investment demand for gold, which incorporates exchange traded funds (ETFs), and bars and coins, was 64% higher in 2008 than in 2007, equivalent to an additional inflow of $US15bn. Over the year as a whole, the gold price averaged $872, up 25% from $695 in 2007.”
Here’s a gloomy outlook on mining sector M&A. I don’t think precious metals miners should be lumped in with base metals miners, but se la vie. Reuters reports that Miners May Face More Unsolicited Bids.
Remember Great Panther, the miner I profiled in MoneyandMarkets.com a few weeks back? Here is today’s news: Great Panther Will Produce 20% More Silver This Year. The stock is up from when I profiled it, too.
In other news …
Gold Prices Climb Above $980 on Demand for Haven Asset; Silver Advances Gold rose for a second straight day on speculation the recession will deepen, boosting the appeal of the precious metal as a haven asset. Silver also gained.
Canada’s Recession to Be Worse Than Initially Thought, BMO Analyst Says Canada’s economy will shrink 2 percent in 2009, BMO Capital Markets said today, cutting its forecast from an earlier projection of a 1.5 percent contraction.
More on this topic
(What's this?)
Van Eck's Junior Gold Miners ETF Now Active
(Index Universe, 11/11/09)
Who is buying the gold?
(Red Hot Energy and Gold - Global..., 11/12/09)
Warning: You May Not be Making as Much on Gold as You Think
(Money Morning, 11/18/09)
Gold Could Take A Breather; Where To Place Stops
(market folly, 11/12/09)
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