Gold Bullion Bar Could Sell For £0.01, India Wants Uzbek Gold

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Gold was trading at USD$686.60 an ounce yesterday, up USD$8.70 an ounce on Friday’s close, The Australian reports. Major gold miners were up, with Newcrest (ASX:NCM) rising 29c to AUD$23.80, Newmont (ASX:NEM) added 16c at AUD$5.33 and Lihir (ASX:LHG) gained 16c to AUD$3.36.

Lowest-unique-bid auctioneer Humraz had put a bar of gold bullion up for auction on its website, sparking an “online gold rush” as bidders chased down the gold, which could sell for less than 5% of its value: anything between £0.01 and £88, sourcewire.com reports.

Riverstone Resources (TSXv:RVS) has announced that Nine of the thirteen drill holes of the recently completed drilling program on the Kao Exploration Permit in Burkina Faso, West Africa returned significant gold values over considerable widths, adding to the positive results already reported.

The drill results indicate the presence of a very large gold-bearing system that is open in all directions, CCN Matthews reports.

India’s Press Information Bureau has said that the Indian Minister of State for Commerce, Shri Jairam Ramesh has conveyed to Uzbek Prime Minister Savkit Mirziyayev India’s interest in exploring for gold in gold-rich Uzbekistan. The Uzbek government has agreed to consider a proposal for gold exploration, but wants the proposal to include value-addition investments in Uzebekistan itself, for example in gold jewellery.

Following fresh enquiries into UK Chancellor of the Exchequer Gordon Brown’s decision to sell off 400 tonnes of England’s gold reserves when gold prices were a third of their current level, concern is growing that the treasury may also have lost control over the small amount it still holds, The Telegraph reports.

Peter Hambro, chief of Britain’s largest pure gold mining company, said he believed the Bank of England may have leased out its bullion.

“The real risk is that the Treasury has lent out the remainder of the gold. It is very important to know whether the bank’s gold lending is on a secured basis,” he said.

Diesel-engine specialist Nanostellar has devised a new coating for the indside of catalytic converters–devices that reduce emissions before they leave a car’s tailpipe–that will both cost less than traditional coatings and cut down further on pollution, cnews.com reports.

Gold is combined with platinum and palladium into a material called NS Gold that car and auto parts makers will add to a new line of cleaner catalytic converters.

The Daily Reckoning Australia

The Daily Reckoning
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Comments

  1. What is the acceptable % discount on gold bulion purchases of 500 tns?
    Thank you.

    Reply
  2. Do you think Gold will reach the $1,000 per ounce mark in 2008?

    Reply

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