The Weekly Dig
Haywood Mining Team
India Relax Gold Import Restrictions While China
Considers Similar Policy
There was good news for gold this week,
with the Indian government surprisingly removing restrictions on gold imports
which required 20% of all gold imports to be exported before any new shipments
could be brought in. Given speculation that the government may tighten import
rules, the news came as a surprise.
A similar plan has also been proposed in
China, where Chinese regulators are reportedly pushing to develop the country’s
gold trade and attract foreign investors by opening up gold imports to qualified
miners and banks affiliated with the Shanghai Gold Exchange.
Finally, a
Swiss referendum voted against its central bank being forced to hold one-fifth
of its assets in gold. This week, the price of gold rocketed to almost $1,220
per ounce on Monday before stabilizing at $1,192 per ounce Friday.
Silver and
platinum rose over 5% and 1.8% during the week ending at $16.30 per ounce and
$1,224 per ounce respectively, while a slight drop in palladium (↓0.8%) to $803
per ounce closed out the precious metals for the week.
The base metals were up,
with copper (↑0.8%), nickel (↑0.8%), lead (↑0.8%) and zinc (↑0.8%) finishing at
$2.91, $7.59, $0.92 and $1.01 per pound respectively. Oil continued its
downward slide, with the WTI closing at US$66 per barrel, while uranium fell
below the $40 per pound mark, finishing at $38.06 per pound.
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Quelle: haywood.com
Quelle: haywood.com
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