Gold sales up in Dubai; Prospectors Meet in Oregon


At the close of Sydney trading on Friday, gold stood at USD$663.30 an ounce, down USD$2.35 from the previous day, The Brisbane Times reports. Gold miners had mixed results, with Newcrest (ASX:NCM) rising 28c to AUD$23.79, Newmont (ASX:NEM) losing 11c to AUD$5.24 and Lihir Gold (ASX:LHG) dropping 2c to AUD$3.26.

Freegold Ventures (TSE:ITF) has announced initial drill results from the Phase 1 shallow drilling program at its Golden Summit Project outside Fairbanks, Alaska. This program has successfully identified broad zones of gold mineralisation over the entire 620-foot width of the drilled area. Gold grades intersected within the zone are comparable to those currently being mined at the neighbouring Fort Knox Mine.

Abu Dhabi’s gold industry sales rose 15% in March, boosted by lower prices and higher demand, reports. Chairman of the Gold and Jewellery Group in Dubai, Tushar Patni, said that prices were relatively low this month compared to the beginning of the year, and that even with the expectation that prices will rise, people are buying because they think prices now are cheaper than they will be in the coming months.

Barrick Gold (NYSE:ABX) has pledged USD$1.3 million over five years to World Vision Canada for the development of nutrition, education and employment skills programs that will benefit communities in areas of northern Peru that surround the company’s Lagunas Norte mine, the Canadian Mining Journal reports.

This is the first project since a memorandum of understanding formalised a partnership between the two organisations for developing future corporate social responsibility programs, projects and activities for communities near Barrick sites around the world.

The Statesman Journal reports that hundreds of people flocked to a recent gold show held at the Oregon State Fairgrounds. Hosted by the Gold Prospectors Association of America, the show featured about 80 vendors, selling goods that ranged from fine jewellery to a spinning pan that separates gold from dirt.

The event drew both new and veteran prospectors, and the new equipment available included a folding sluice box, a trinity bowl with more ridges than a typical pan and a recessed trap for gold, and a metal detector that can find a crushed can buried four feet underground.

Infrastructure work for the Jerusalem Light Railway has uncovered a Roman-era Jewish community in the northern Jerusalem neighbourhood of Shuafat, Globes Online reports. Archaeologist Rachel Bar-Natan said coins, including a rare gold coin minted with the Emperor Trajan (reign: 98-117 CE), have been found. “This is the second coin of its kind found in archeological excavations in Israel,” she said.

The Daily Reckoning Australia

The Daily Reckoning
The Daily Reckoning offers an independent and critical perspective on the Australian and global investment markets. Slightly offbeat and far from institutional, The Daily Reckoning delivers you straight-forward, humorous, and useful investment insights from a world wide network of analysts, contrarians, and successful investors. Founded in 1999, The Daily Reckoning is published in 7 countries with a worldwide readership of almost 1 million people.

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