Monday, January 10, 2011
Record gold output could put 2010 China consumption at 600 tonnes
Chinese 2010 gold output is estimated by government sources at around 340 tonnes for 2010, a new record, suggesting the country's total consumption may have reached close to 600 tonnes.
China, already the world's largest gold producer, looks to have further increased its mine production in 2010. According to the country's Ministry of Industry and Information Technology, it is expected t to reach a new record of around 340 tonnes or more - a more than 8% increase over the 2009 figure of 319,980 tonnes. This is now the 6th successive year in which the country has raised its gold output.
Actual output for the first 11 months of the year, according to official figures, was 308.39 tonnes, up 9.2% on the same period in 2009.
Given that China also imported a record tonnage of gold this gives yet another indication of the growing importance of Chinese demand on the global gold sector.....read on
LBMA - FORECAST 2011 PREDICTS PRICE OF $1457 FOR GOLD
The London Bullion Market Association
13/14 Basinghall Street, London EC2V 5BQ
Tel: +44 (0)20 7796 3067 Fax: +44 (0)20 7796 2112 www.lbma.org.uk
Friday 7 January 2011
FORECAST 2011 PREDICTS PRICE OF $1457 FOR GOLD
Following are tables summarising the results of Forecast 2011, the LBMA’s annual survey on the direction of precious metal prices for the coming year. A total of 24 contributors have given us their estimates for the high, low and average price for 2011 for gold, silver, platinum and palladium, based on the London fixings, with a brief commentary on the major influences and activity for each metal covered.
In 2011, Forecast contributors predict rises for all precious metals for the second year in a row.
Their average gold forecast is US$1,457, a 19.0% increase on the 2010 average price, similar to
the forecast of $1,450 made by delegates at the 2010 LBMA Precious Metals Conference in
Berlin last September. Analysts predict that the average silver price will be $29.88, a 48.0%
rise on the 2010 average price.
The average 2011 Platinum price is forecast to rise 12.6% from the average 2010 price, to
$1,813 and palladium shows no sign of slowing down with an average 2011 price prediction of
$814.65, a 54.8% increase on last year’s bumper average price.
2010 was a very good year for LBMA forecasters. Their average gold price prediction of
$1,199, a 23.4% increase on the 2009 price, was just $26 lower than the actual average price of
$1,225. All metals rose as predicted, although silver and palladium exceeded almost everyone’s
The full survey, including specially written commentaries and a deeper look at the historical
performance of the Forecast, will be published in mid January and will also be posted on the
LBMA website......read in full
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Legislation proposes Utah adopt a gold-based system
Imagine paying your next parking ticket in gold Krugerrands or renewing your driver license using American Gold Eagles.
A proposal in the Utah Legislature would require the state to allow just that, requiring government agencies to accept gold for transactions, and creating a parallel monetary policy for intrastate commerce tied to the price of gold.
Under the legislation that has been drafted, Utah residents could mint their own gold or silver coins, a storehouse would be created to stockpile the precious metal and the Utah Defense Force, an arcane state militia that may be called and armed by the governor, would be responsible for securing the inventories.
“I think it has merit,” said Rep. John Dougall, R-Highland, who had the proposal brought to him by a constituent and committed to opening a bill file. Another representative will probably end up sponsoring the legislation.
“Fundamentally, what it comes down to is people’s concern about the fundamentally reckless policies at the federal reserve and what it does long-term to the financial standing of the country and giving folks another choice of monetary tools for their financial transactions,” Dougall said......read on