Sunday, November 13, 2011
You’re invited to the biggest gold party Winnipeg has ever seen, all in support of cancer research and the Canadian Cancer Society.
On Friday, November 18th and Saturday, November 19th, KMG Gold Recycling will be hosting the biggest gold party ever held in Winnipeg, to raise funds for the Canadian Cancer Society.
This very special fundraising/open house event will be held at KMG Gold’s new processing facility at 620 Academy Road.
Everyone recycling old, unwanted gold jewellery, gold or silver coins, or other precious metal will have the opportunity to donate all or a portion of the appraised value of their items, to the Canadian Cancer Society. Tax receipts will be issued by the Canadian Cancer Society for donations in excess of $15.
Bring in all your unwanted gold, silver, platinum jewellery and KMG will appraise it on the spot for free.
If it’s not gold or silver we will donate all costume jewellery and other non-precious items to Canadian Goodwill Industries.
In addition to supporting Canadian Cancer Society and Canadian Goodwill Industries, everyone will qualify for lots of great prizes contributed by many of Winnipeg’s leading companies. Such as atomic hair studio, Acci-care accident recovery experts, Winnipeg gold buyer, and Roger Watson Jewellers.
As winner of the prestigious Better Business Bureau Torch Award recognizing integrity, ethics and honesty in the marketplace 2 years in a row, KMG Gold has established themselves as the leading precious metal recycler in the country. Independent third party surveys, including CBC News, confirm that KMG gold pays the highest price for recycled precious metals.
If you live outside Winnipeg and cannot make it to the gold party, visit http://www.kmggold.com and order your Secureship™ Envelope with complete instructions on how you can participate in this special event right from your own home.
KMG Gold is pleased to host this event and support Canadian Cancer Society and Canadian Goodwill Industries.
Don’t forget: November 18th and 19th, 9AM-9PM at KMG Gold, 620 Academy Road. We hope to see you there!
Thursday, November 10, 2011
The price of gold edged up this morning but worries about the restructuring in Greece and a deepening debt crisis in Italy weighed on commodities. The dollar extended losses against the euro after better than expected job data from the United States,
Supporting gold, the euro briefly extended gains versus the dollar after U.S. data showed new claims for unemployment benefits declined for a second straight week.
A weaker U.S. currency makes dollar-priced commodities such as precious metals more affordable for holders of other units.
Gains however were capped by worries about the deepening Euro debt crisis, which pushed investors to sell commodities, including precious metals, reducing the bullion safe haven allure.
Italy moved closer to a national unity government on Thursday, with outgoing Prime Minister Silvio Berlusconi reversing a call for early elections, as EU policymakers dithered over an accelerating debt crisis. Some fear that a deepening euro zone crisis will continue to weigh on gold.
Italy, now firmly at the heart of the euro zone crisis, paid a 6.087 percent yield, the most in 14 years, at a one-year debt auction on Thursday but placed the full planned amount of 5 billion euros.
Greek political leaders resumed their search for a deal on a new prime minister after one agreement collapsed.
Emphasising worries, the European Commission said the euro zone economic growth will slow sharply next year as weak confidence undermines investment and consumption and tighter fiscal policies reduce domestic demand.
Gold fundamentals however, remained supportive.
New York's SPDR Gold Trust, the biggest gold-backed ETF, said its holdings rose 0.24 percent on Wednesday from Tuesday, while that of the largest silver-backed ETF, New York's iShares Silver Trust gained 0.26 percent.
Silver rose 0.29 percent to $34.14 an ounce while platinum rose 0.25 percent to $1,627 an ounce and palladium rose 0.15 percent to $645.47 per ounce.
Tuesday, November 08, 2011
About a dozen people occupied a historic building in the Romanian city of Cluj on Monday to protest a Canadian subsidiary's plan to mine gold using the controversial cyanide process in a nearby heritage area.
The company, Rosia Montana Gold Corporation, a subsidiary of Canadian resource company Gabriel Resources, wants to extract 300 tonnes of gold at the site in north-central Romania using the cyanide process, which is banned in several countries.
"We call on the Romanian president and prime minister to stop lobbying in favour of this harmful project," protester Raluca Dan told AFP.
"We want to draw attention to the lies spread about the project, which is to use large quantities of cyanide and destroy all that represents the value of Rosia Montana village," the protesters said in a statement.
President Traian Basescu actively supports the project, criticized by environmental groups and advocates of heritage protection because the site is near Roman galleries dating from the second century, unique in Europe.
The project is awaiting a go-ahead from the environment ministry.
Monday, November 07, 2011
Gold climbed to a six-week high in New York as concerns about Europe’s debt crisis spurred demand for the metal as a protection of wealth.
Italian Prime Minister Silvio Berlusconi’s allies pressured him to step aside after contagion from the region’s sovereign debt crisis pushed Italy’s borrowing costs to euro-era records. That overshadowed Greek Prime Minister George Papandreou’s agreement to step down, sending European equities lower.
Gold for December delivery gained as much as $25.20, or 1.4 percent, to $1,781.30 an ounce, the highest price since Sept. 22, and was at $1,777.70 by 8 a.m. on the Comex in New York. Immediate-delivery gold was 1.2 percent higher at $1,776.10 in London.
Bullion is in the 11th year of a bull market and futures reached a record $1,923.70 an ounce on Sept. 6 as investors sought to diversify away from equities and some currencies. The metal is up 25 percent this year.
Holdings in exchange-traded products backed by gold gained 3.1 metric tons to 2,284.6 tons on Nov. 4, the highest level since Aug. 23, data compiled by Bloomberg.
Silver for December delivery gained 1.5 percent to $34.605 an ounce in New York. Palladium for December delivery was 1.1 percent higher at $662.55 an ounce. Platinum for January delivery rose 0.8 percent to $1,642.90 an ounce.
Saturday, November 05, 2011
Gold eased at the end of the week with a surge in the US dollar, but the precious metal still managed to post weekly gains. After Thursday’s rally on the announcement of the cancellation of the proposed referendum in Greece, the markets seem to calm.
Greek Prime Minister George Papandreou drew criticism during the week after announcing plans to hold a referendum to approve the latest bailout package for the debt-laden country.
The announcement pushed the euro lower as traders feared that the bailout would be rejected by Greek voters, forcing a default and potentially triggering a financial meltdown in Europe. Meanwhile, demand for the safe haven US dollar was high, while gold, which is seen as an alternative asset to the American currency, was in decline.
The markets breathed a sigh of relief on Thursday when Papandreou agreed to cancel plans to hold a referendum following emergency talks with German Chancellor Angela Merkel and her French counterpart Nicolas Sarkozy.
As a result the euro and gold surged, while demand for the US dollar faltered.
Friday, November 04, 2011
A large gold coin which had displaced an Australian coin as the world's biggest, but recently lost the title, was on display this week in Canada's largest city.
The coin, measuring 50 centimeters across, took over two years to make from design to final product. When it was introduced in 2007 by the Royal Canadian Mint, it set a Guinness World Record.
But the Perth Mint reclaimed the record for the world's biggest bullion coin last week when it unveiled a 1,000-kilogram coin. It previously held the title with a 10kg coin until 2007, when the Canadian mint launched its 100kg coin.
Although it is now only the second biggest gold coin in the world, the Royal Canadian Mint's huge gold coin is still the purest, according to the mint, and it has traveled the world.
"It's been to the Middle East, it's been to China, it's been to Europe," said Royal Canadian Mint spokesperson Alex Reeves, noting that the coin has a face value of $1 million and the gold is 99.999% pure.
One side of the coin features a maple leaf design, while the head of Queen Elizabeth II is on the other side.
Thursday, November 03, 2011
The price of gold rose again this morning, helped by a resurgent euro. The turmoil overseas has been hitting the financial markets due to political chaos in Greece as European leaders contemplated the country's exit from the euro zone.
Gold has been easing higher in the past week. With the threat of a potentially disastrous Greek financial collapse, gold’s safe-haven appeals to those who fear a liquidity crunch in case of a default.
Gold's rise off the earlier losses was echoed in other financial markets. Early losses in stocks and the euro turned to gains on hopes that Greece might ditch a plan to hold a referendum which will test its resolve to stay in the currency bloc.
France and Germany, angered at Greece's shock move to call for a referendum on its latest bailout plan, have issued statements to Prime Minister George Papandreou that Athens would not receive EU aid until it decides whether it wants to stay in the euro zone.
Spot gold was up 0.8 percent at $1,752.29 at 1222 GMT, off an intraday high of $1,758.63, from $1,737.70 on Wednesday. U.S. gold was up 1.3 percent at $1,752.70.
The prospect of a hard Greek default and euro exit hung over a meeting of G20 leaders beginning in Cannes on Thursday. Eyes are also on the European Central Bank, which will meet on Thursday and is expected to hold interest rates steady.
Wednesday, November 02, 2011
The Royal Canadian Mint is pleased to announce its initial public offering of Exchange Traded Receipts (ETRs) under the Mint's new Canadian Gold Reserves program. Each ETR provides evidence of ownership in physical gold bullion held in the custody of the Mint at its facilities in Ottawa, Ontario. The Canadian Gold Reserves program marks the expansion of the Mint's successful core bullion and refinery business.
"We believe that this new program will build on our reputation and continued success as a world-class custodian of precious metals," said Ian E. Bennett, President and CEO of the Royal Canadian Mint. "With the introduction of the Canadian Gold Reserves ETR program we hope that investors will see this as a convenient, efficient and secure method for investing in and owning physical gold."
Unlike other gold investment products, the purchaser of an ETR owns the actual gold rather than a unit or share in an entity that owns the gold. The net proceeds of the offering will be used to purchase gold on behalf of the initial purchasers of ETRs at the London pm fix price on the closing date of the offering (Closing Date). Subject to certain restrictions, ETR holders will be entitled to redeem their ETRs for physical gold products in the form of 99.99 per cent pure gold bars or coins, or for cash based on the future gold price or market price of the ETRs.
Subject to market conditions, the initial offering of ETRs is targeting an issue size of approximately CAD$250 million. The issue price per ETR will be CAD$20.00 or the USD equivalent and the Per ETR Entitlement to Gold will be determined on the Closing Date and will be reduced daily by an annual service fee of 0.35 per cent.
Subject to the satisfaction of certain conditions, the ETRs will be listed on the Toronto Stock Exchange and commence trading on the Closing Date. ETRs will be listed in both Canadian and U.S. dollars and may be traded in either currency.
Through a competitive process, the Mint has selected a syndicate of investment dealers led by TD Securities Inc. and National Bank Financial Inc., and including BMO Nesbitt Burns Inc., CIBC World Markets Inc., RBC Dominion Securities Inc., Canaccord Genuity Corp., Cormark Securities Inc., MGI Securities Inc. and Raymond James Ltd. to distribute the ETRs on a best efforts agency basis.
Closing is expected to occur in late November 2011. The offering is being made on a prospectus-exempt basis pursuant to the terms of an order of the Ontario Securities Commission dated August 30, 2011.
The ETRs have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States. This media release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any offer, solicitation or sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
Tuesday, November 01, 2011
The demand for gold fell in India during the peak festival season over the past one month as high inflation and tight household budgets dented consumer spending according to the World Gold Council. The council also said that sales of bars and coins maintained the same volume both in the organized sector--sold through banks and post office outlets--and the unorganized sector, such as jewelers.
The shift towards the purchase of more coins and bars, traditionally smaller in quantity than jewelry could be an indication that more consumers wanted to buy at least some of the precious metal as a long term investment.
Traditionally, gold sales in the world's largest consuming nation are strongest during this period as it is considered auspicious for purchases. This year, the festival season began in the first week of October and culminated with Diwali, the festival of lights, on Oct. 26. The largest purchases during this period usually happen on Guru Pushya Nakshatra, or the day of auspicious ventures, which fell on Oct. 20, and on Dhanteras, celebrated on Oct. 24.
"Overall, the market reported a reduction in demand compared to last year," the World Gold Council said in an issued statement.
The council didn't specify gold sales volume for the period, but is likely to give the detailed statistics in late November as well as its outlook for the year ahead.
"Large jewelers who we spoke to reported similar or slightly lower levels of sales than the previous year. The overall market though reported a fall in jewelry in volume terms," the council said.
The council said that buying sentiment was muted because of tighter household budgets, high inflation as well as expectation that gold prices could fall post the festival season if the Indian rupee strengthens against the U.S. dollar.
India imports nearly all its annual gold requirement and, therefore, local prices are heavily influenced by the currency exchange rate. The rupee has depreciated about 11% against the dollar since April and was quoting at 48.87 to the dollar Monday.